White Co. issues 100 shares of

$4

par common stock and 250 shares of

$100

par preferred stock for a lump sum of

$45,000

. Assume the fair value of common stock is

$80

per share and the fair value of the preferred stock is not known What amount should be recorded to APICPreferred Stock in the journal entry that records this transaction?\ Debit -

$12,000

\ Credit -

$7,600

\ Credit -

$12,000

\ Credit -

$25,000

2. White Co. issues 100 shares of $4 par common stock and 250 shares of $100 par preferred stock for a lump sum of $45,000. Assume the fair value of common stock is $80 per share and the fair value of the preferred stock is not known What amount should be recorded to APICPreferred Stock in the journal entry that records this transaction? Debit $12,000 Credit $7,600 Credit - $12,000 Credit $25,000