On July 1, 2021, Sheridan Company issued 2400 shares of its $10 par common stock and 4800 shares of its $10 par convertible preferred stock for a lump sum of $134400. At this date Sheridan'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 Sheridan's preferred stock should be

$67200.

$80640.

$86400.

$73920.