On july 1, 2018, nall co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $10 par convertible preferred stock for a lump sum of $140,000. at this date nall's common stock was selling for $24 per share and the convertible preferred stock for $18 per share. the amount of the proceeds allocated to nall's preferred stock should be1. $84,000.2. $77,000.3. $90,000.4. $70,000.

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?