Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.

(a) Make the journal 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 and make the journal entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a fair value of $23 per share.