Monty Corporation has issued $2,500$ shares of common stock and $500$ shares of preferred stock for a lump sum of $$94,000$ 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.($Each valuation is on a per share basis and there are ready markets for each stock$)($List all deblt entries before credit entries. 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 Ofor the amounts.$)$

Account Titles and Explanation

Debit

Credit

Attempts: $0$ of $1$ used