Check ABC Inc issued 1,000 common shares and 3,000 preferred shares for a lump sum of $25,000 The fale market value of each share on the date of issue was $6 per common share and $8 per preferred share. How much of the proceeds received should be allocated to the preferred shares on the date of issue? 24 Multiple Choice $20.000 56.250 $5.000 5 M