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Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50...

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share and the preferred stock has a market price of $90 per share. What is the dollar amount which will be credited to the PIC in excess of par - preferred stock?

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