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Amygdala Corporation has issued 3,000 shares of common stock and 500 shares of preferred stock for a lump sum of $100,000 cash. Prepare the journal

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Amygdala Corporation has issued 3,000 shares of common stock and 500 shares of preferred stock for a lump sum of $100,000 cash. Prepare the journal entry to record stock issuance assuming the par value of the common stock was $6 and the fair value $16, and the par value of preferred stock was $42, all per share. Preferred stock has no ready market, hence the fair value of preferred stock is unknown. (10 points) A/ A/ AM A/

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