• Gunns Inc. issues 15,000 shares of $1 par value common stock and 25 shares of $1,000 par value, 6% preferred stock to a private investor for $1,900. The fair value of the common stock is $50 per share and the fair value of the preferred stock is below

• Prepare the journal entry to record the transaction assuming that the fair market values (FMV) for both the common and preferred stock are known and shown below.

• Prepare the journal entry assuming that only the FMV of the common stock is known (amount above)