Maxville Company issues 250 shares of $40 par preferred stock and 1,000 shares of $5 par common stock in a "package" sale on December 31. Total proceeds received amount to $39,600. Required: Record the transaction for each independent assumption shown: 1. The common stock has a current market value of $18 per share; the current market value of preferred stock is not known. 2. The common stock and the preferred stock have a current market value per share of $22 and $58, respectively. ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 181 Equipment 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 198 Accumulated Depreciation 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 261 Income Taxes Payable EQUITY 305 Preferred Stock 311 Common Stock 318 Additional Paid-in Capital on Preferred Stock 320 Additional Paid-in Capital on Common Stock 331 Retained Earnings 1. The common stock has a current market value of $18 per share; the current market value of preferred stock is not known. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 2. The common stock and the preferred stock have a current market value per share of $22 and $58, respectively General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5