On July 1, 2021, Concord Corporation issued 3600 shares of its $10 par common stock and 7200 shares of its $10 par convertible preferred stock for a lump sum of $201600. At this date Concord's common stock was selling for $24 per share and the convertible preferred stock for $18 per share. The amount of the proceeds allocated to Concord's preferred stock should be

$129600.

$110880.

$120960.

$100800.