On July 1, 2021, Marigold Corp. issued 2200 shares of its $10 par common stock and 4400 shares of its $10 par convertible preferred stock for a lump sum of $123200. At this date Marigold'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 Marigold's preferred stock should be