Maxville Company issues 300 shares of $40 par preferred stock and 1,000 shares of $10 par common stock in a package sale on December 31. Total proceeds received amount to $38,750.

Required:

Record the transaction for each independent assumption shown:

1.	The common stock has a current market value of $20 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 $23 and $62, respectively.