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Combine Ltd. had a lump sum (basket) sale of two of its securities, common and preferred shares. The market value of the common shares sold
Combine Ltd. had a lump sum (basket) sale of two of its securities, common and preferred shares. The market value of the common shares sold was $20,000, and the market value of the preferred shares sold was $25,000. The total proceeds were $40, 500. Combine should record the issue of these shares at: Multiple Choice Common Shares: $15, 500 Preferred Shares: $25,000 Common Shares: $18,000 Preferred Shares: $22, 500 Common Shares: $20,000 Preferred Shares: $20,500 Common Shares: $20,000 Preferred Shares: $25,000
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