Please solve and show calculations.

Pharoah Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $104,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $178 per share. (Round answers to o decimal places, e.g. $1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is require "No Entry" for the account titles and enter o for the amounts.) Debit Credit No. Account Titles and Explanation (a) Cash 104,000 Paid-in Capital in Excess of Par - Common Stock Common Stock Paid-in Capital in Excess of Par - Preferred Stock Preferred Stock (6) Cash 104,000 Paid-in Capital in Excess of Par - Common Stock Common Stock Paid-in Capital in Excess of Par - Preferred Stock Preferred Stock