Question 1 2 pts Our NewCo issues 50,000 shares in an IPO for $20 per share. If the shares have a par value of $1 then the [Select] account will be increased in the amount of $1,000,000. The Select] account will be increased in the amount of [ Select] The Select] account will be increased for any difference to make the entry balance. Question 1 2 pts OurNewCo issues 50,000 shares in an IPO for $20 per share. account If the shares have a par value of $1 then the [Select ] will be increased in the amount of $1,000,00 Cash [Select ] Common Stock The [Select] account Paid-in-Capital in excess of Par V of [ Select ] The (Select] account will be increased for any difference to make the entry balance. Question 2 2 pts Common and Preferred Stock was issued in a single transaction for $1,000,000. There were 90,000 shares of $1 par value common stock issued (market value was $10 per share) and 8,000 shares of $10 par value preferred stock issued (market value of $50 per share). How much of the $1,000,000 will be recorded as Common Stock (combining Common Stock and PIC in excess of par on Common Stock accounts)? (use whole dollars without rounding intermediate calculations, do not include dollar signs)