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Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a package sale for $150,000. The

Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share.

Required: Indicate the accounts and amounts credited in the entry to record the issuance of the stock. Round amounts to the nearest dollar.

Account Amount
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$fill in the blank 4
$fill in the blank 6
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