Marigold Corp. has issued $1,500$ shares of common stock and $300$ shares of preferred stock for a lump sum of $$55,000$ cash.

$($a$)$

Give the entry for the issuance assuming the par value of the common stock was $$5$ and the fair value $$30,$ and the par value of the preferred stock was $$40$ and the fair value $$50.($Each valuation is on a per share basis and there are ready markets for stock.$)($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit