Parker Corporation has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $54,000 cash.

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.)

Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.