Current Attempt in Progress Parker Corporation has issued 1.500 shares of common stock and 300 shares of preferred stock for a lump sum of $55,000 cash. la) Give the entry for the issuance assuming the par value of the common stock was 55 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50,(Exch valuation is on a per share basis and there are ready markets for each stock) (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media Talking List of Accounts