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Manning Company issued 1 0 , 0 0 0 shares of its no - par common stock having a fair value of $ 3 0

Manning Company issued 10,000 shares of its no-par common stock having a fair value of $30 per share and 15,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $700,000. How much of the proceeds would be allocated to the common stock?
a) $300,000
b) $350,000
c) $225,000
d) $200,000
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