Testbank Exercise 131 (Part Level Submission) Waterway Industries has issued 2,200 shares of common stock and 440 shares of preferred stock for a lump sum of $82,000 cash. (a) Your answer is partially correct. Try again. Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (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.) Account Titles and Explanation Debit Credit Cash 82000 > Common stock 110000 AN Paid-in Capital in Excess of Preferred Stock 17600 Paid-in Capital in Excess of Click if you would like to Show Work for this question: Open Show Work Attemntsi 1 of 2 used