NOOR CO. issues 1000 shares of $5 par value common stock and 500 shares of $50 par value preferred stock for a lump sum of $50,000. Instructions a. Prepare the journal entry for the issuance when the market price of the common shares is $65 each and market price of the preferred is $120 each. (Round to nearest dollar.) b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $85 per share.