Amazing Inc. issued 1,000 shares of common stock ( \(\$ 1\) par) and 1,000 shares of preferred stock ( \(\$ 10\) par) at a price of \(\$ 150,000\) on April 1,2020 . At the time of issuance, the market price of the common stock is \(\$ 60\) per share, and the market price of the preferred stock is \(\$ 120\) per share. Prepare the journal entry required on April 1,2020 . Round allocation rates to 3 decimal points.