E15-5B (Lump-Sum Sales of Stock with Preferred Stock) Black Diamond Inc. issues 2,500 shares o 1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of 275,000. Instructions 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 also prepare the journal entry for the issuance when only the market value of the common stock is known and it is $90 per share