Ayayai Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $124,000.

(a)		Prepare the journal entry for the issuance when the market price of the common shares is $176 each and market price of the preferred is $220 each.
(b)		Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $218 per share.