Maybe Corporation has issued 4,000 shares of common stock and 500 shares of preferred stock for a lump sum of $80,000 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 each stock

B- Give the entry for the issuance assuming the same facts as (A) above except the preferred stock has no ready market and the common stock has a fair value of $26 per share.