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Waterway Industries issued 6000 shares of its $10 par value common stock having a fair value of $20 per share and 8500 shares of its

Waterway Industries issued 6000 shares of its $10 par value common stock having a fair value of $20 per share and 8500 shares of its $10 par value preferred stock having a fair value of $20 per share for a lump sum of $253000. The proceeds allocated to the preferred stock is

$170000

$148310

$104690

$171800

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