Q1. Parker Corporation has issued 2,000 ordinary shares and 400 preference shares for a lump sum of $72,000 cash. Instructions (a) Give the entry for the issuance assuming the par value of the ordinary shares was $5 and the fair value $30, and the par value of the preference shares was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each class of shares.) (b) Give the entry for the issuance assuming the same facts as (a) above except the preference shares have no ready market and the ordinary shares have a fair value of S25 per share