Smithfield Corporation has issued 9,000 shares of common stock and 600 shares of preferred stock for a lump sum of $250,000 cash. The par value of the common stock was $15 and the market value was $50. The par value of the preferred stock was $8 and the market value was $70. The amount of the preferred stock would be credited for approximately Multiple Choice $42,000 $4,800 O $16,550 o $135,000