On March 1, 20x1, Rya Corp. issued 1,000 shares of its 20 par value ordinary shares and 2,000 share of its 20 par value convertible preference shares for a total of 80,000. At this date, Rya's ordinary share was selling for 36 per share, and the convertible preference share was selling for 27 per share. What amount of the proceeds should be allocated to Rya's convertible preference share? show the solution and explain.