On March 2, 2014, Burton Corporation issued 4,000 shares of 6 percent cumulative $100 par value preferred stock for $434,000 . Each preferred share carried one nondetachable stock warrant which entitled the holder to acquire, at $17, one share of Burton $10 par common stock. On March 2, 2014, the market price of the preferred stock (without warrants) was $90 per share and the market price of the
stock warrants was $15 per warrant. The amount credited to Paid-In Capital in Excess of Par-Preferred by Burton on the issuance of the stock was
a. $0.
b. $8,000.
c. $34,000.
d. $62,000.
C
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