In its first year of operations, Martinez Corporation had the following transactions pertaining to its $20 par value preferred stock.

Feb. 1 Issued 8,000 shares for cash at $24 per share.

July 1 Issued 6,000 shares for cash at $25 per share.

Instructions

Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par valuepreferred stock at the end of the year.