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Recording Entries for Multiple Securities Issuance Gilmore Company has 44,000 authorized shares of common stock, $2 par, and 44,000 authorized shares of preferred stock, $10 par. On April 10, 2020, Gilmore sold 1,320 shares of common stock and 880 shares of preferred stock in one transaction for a total cash price of $44,000. The common stock recently had been selling at $26 per share while the preferred stock had recently been selling at $16 per share. Required a. Prepare the entry on April 10, 2020, for the issuance of common and preferred stock. Date Account Name Dr. Cr. April 10, 2020 Cash 44,000 0 Common Stock 0 2,640 Paid-in Capital in Excess of Par-Common Stock 31,680 X Preferred Stock 0 8,800 Paid-in Capital in Excess of Par-Preferred Stock 0 26,580 X 0 b. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry on April 10, 2020, for the issuance of common and preferred stock. Date Account Name Dr. Cr. April 10, 2020 Cash 44,000 0 Common Stock 0 2,640 Paid-in Capital in Excess of Par-Common Stock 0 Preferred Stock 0X Paid-in Capital in Excess of ParPreferred Stock 0 OX Check