Sweet SE issues $500$ shares of $10$ par value ordinary shares and $100$ shares of $100$ par value preference shares for a lump sum of $114,000.$

$($a$)$ Prepare the journal entry for the issuance when the fair value of the ordinary shares is $176$ each and fair value of the preference shares is $220$ each.

$($b$)$ Prepare the journal entry for the issuance when only the fair value of the ordinary shares $(198$ per share$)$ is known.

$($Round answers to $0$ decimal places, e$.$g$.1,225.$ 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 $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$ Cash

Share Capital$-$Ordinary

Share Premium$-$Ordinary