Next Level Morgan Corporation issues 500 packages of securities for $180 per package on December 31. Each package includes 10 shares of $1 par value common stock and 2 shares of $50 par 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 $5,000 and the Additional Paid-in Capital on Common Stock account for $29,615.38. Required: What was the separate market value of the preferred stock on the date of the sale, and what journal entry would Morgan make to record this transaction? (There should be 5 entry lines for the general journal.) What was the separate market value of the preferred stock on the date of the sale ($ per share)?