On July 1, 20XO, Prague Company issued 10,000 shares of its S2 par value common stock and 2,000 shares of its $25 par value preferred stock for a lump sum amount of $80,000. On this date, Prague's common stock was selling for $4 per share and the preferred stock was selling for $25 per share. The amount of the lump sum that should be allocated to the common stock 1S: (a) $44,444 (b) $40,000. (c) $35,556. (d) $22,857. 23. 24. A company issues 20,000 shares of $5 par common stock at $6.00 per share. The entry to record the issuance of these shares would be: (a) Cash 120,000 120,000 100,000 20,000 100,000 Common Stock (b) Cash 120,000 Common Stock Contributed Capital in Excess of Par Value (c) Cash 120,000 Common Stock Gain on Sale of Stock 20,000 (d) Cash 120,000 100,000 Common Stock Retained Earnings 20,000 25. Which of the followving would never be a contra equity account? (a) Treasury Stock. (b) Unrealized Loss on Available For Sale Securities. (c) Subscriptions Receivable. (d) Paid In Capital From Treasury Stock