Use the following information for questions 1 and 2. Presented below is information related to Hale Corporation: Common Stock, $1 par $4,800,000 Paid-in Capital in Excess of Par-Common Stock 550,000 Preferred 8 1/2 % Stock, $50 par 2,000,000 Paid-in Capital in Excess of Par-Preferred Stock 400,000 Retained Earnings Treasury Common Stock (at cost) 1,500,000 150,000 1. The total stockholders' equity of Hale Corporation is 2. The total paid-in capital (cash collected) related to the common stock is 3. Norton Company issues 4,000 shares of its $5 par value common stock having a fair value of $25 per share and 6,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $204,000. What amount of the proceeds should be allocated to the preferred stock