2. Gunns Inc. issues 15,000 shares of $1 par value common stock and 25 shares of $1,000 par value, 6% preferred stock to a private investor for $630,000. The fair value of the common stock is $40 per share per share and the fair value of the preferred stock is $1,200 per share a. Prepare the journal entry to record the transaction assuming that the fair market values (FMV) for both the common and preferred stock are known and shown below. Last Name Issue Price FMV Common FMV Preferred A E $495,000 $30 per share $2,000 per share F L $630,000 $40 per share $1,200 per share M R $790,000 $50 per share $1,900 per share S Z $970,000 $63 per share $1,250 per share b. Prepare the journal entry assuming that only the FMV of the common stock is known (amount above)