Manning Company issued 10,000 common shares with a par value of $ 5 and a market value (fair value) of $ 25 per share along with 15,000 preferred shares with a par value of $ 15 and a market value of $ 20 per share. Both shares were issued for a total of $ 530,000. How much of the $ 530,000 must be allocated to common stock?

a. $240,909

b. $281,563

c. $250,000

d $289,091