Parker Corporation has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $55,000 cash. 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.)
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Parker Corporation has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $55,000 cash.
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