Morgan Corporation issues 500 "packages" of securities for $180 per packages. Each package includes 10 shares of $1 part value common stock and 2 shares of $50 part value preferred stock. The separate market value of the common stock was $8 at the time of the sale and Morgan credits the Common Stock account for $5000 and the Additional Paid in Capital on Common Stock account for $29,615.38.

What was the separate market value of the preferred stock on the date of the sale?

What journal entry would Morgan make to record this transaction? If an amount box not require an entry, level it blank. If required, round your answers to the nearest cent.