Question 20 of 47 - / 10 View Policies Current Attempt in Progress Martinez Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per share. (b) (Round answers to 0 decimal places, eg. $1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (a) Cash 122,000 Common Stock 5,000 Paid-in Capital in Excess of Par - Common Stock Preferred Stock 10,000 Paid-in Capital in Excess of Par - Preferred Stock (b) Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock