I. Lump sum issuance of stock. Perkins Corporation has issued 2,000 shares of $5 par common stock and 400 shares of $40 preferred stock for a lump sum of $72,000 cash. Instructions (a) Give the entry for the issuance assuming the fair value of the common stock was $30, and the fair value of the preferred stock was $50. (b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a fair value of $23 per share.