Landon Corporation has issued 3,000 shares of common stock and 500 shares of preferred stock for a lump sum of $80,000 cash.

Give the entry for the issuance assuming the par value of the common was $5 and the market value $40, and the par value of the preferred was $30 and the market value $65. (Each valuation is on a per share basis and there are ready markets for each stock.)