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Parker Corporation has issued 2,300 shares of common stock and 460 shares of preferred stock...

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Accounting

Parker Corporation has issued 2,300 shares of common stock and 460 shares of preferred stock for a lump sum of $86,000 cash.

A)Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)

B)Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $22 per share, and the par value of the preferred stock was $40 and has no ready market.

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