Gilmore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10 , Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cash. The common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. Required a. Prepare the entry on April 10 for the issuance of common and preferred stock. b. Assume instead that only the market price of the common stock is known (\$26 per share). Prepare the entry on April 10 for the issuance of common and preferred stock. Note: Carry all decimals in calculations; round the final answer to the nearest dollar