ACCT 301 Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #3. (Lump-Sum Sales of Stock with Preferred Stock) - Black Diamond Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of $275,000. Instructions a) Prepare the journal entry for the issuance when the market value of the common shares is $95 each and market value of the preferred is $60 each. Date Account Debit Credit (6) Prepare the journal entry for the issuance when only the market value of the common stock is known and it is S90 per share. Date Account Debit Credit ACCT 301 Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #3. (Lump-Sum Sales of Stock with Preferred Stock) - Black Diamond Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of $275,000. Instructions a) Prepare the journal entry for the issuance when the market value of the common shares is $95 each and market value of the preferred is $60 each. Date Account Debit Credit (6) Prepare the journal entry for the issuance when only the market value of the common stock is known and it is S90 per share. Date Account Debit Credit