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, 510 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 Common Stock Preferred Stock 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 Common Stock Preferred Stock Check