Bonita Corp. issues shares of $2 par value common stock and 320 shares of $100 par value preferred stock for a lump sum of $118,800.

(a) Prepare the journal entry for the issuance when the market price of the common shares is $120 each and market price of the preferred is $160 each. (Round intermediate calculations to 6 decimal places, e.g. 1.284379 and final answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

____________________________ __________ _________

____________________________ ___________ __________

____________________________ ___________ __________

____________________________ ___________ ___________

____________________________ ___________ ___________

(b) The parts of this question must be completed in order. This part will be available when you complete the part above