On July 1, 2021, Waterway Industries issued 3100 shares of its $10 par common stock and 6200 shares of its $10 par convertible preferred stock for a lump sum of $173600. At this date Waterway'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 Waterway's preferred stock should be O $104160. O $111600. O $95480. O $86800