On January 1, 2020, Tool Inc. issued in one combined offering, 5,000 shares of common stock, $1 par, and 1,000 shares of preferred stock, $15 par. The total combined selling price was $100,000. Separately however, the common stock is selling at $20 per share, and the preferred stock at $25 per share.

Of the total cash received of $100,000, how much will be allocated to Paid-In Capital in Excess of ParCommon Stock and to Paid-in Capital in Excess of ParPreferred Stock?

APICCommon Stock APICPreferred Stock

Group of answer choices

$80,000 $20,000

$75,000 $ 5,000

$60,000 $20,000

$90,000 $10,000