Waterway Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $119,000. a b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $208 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. Credit account titles are automatically indented when the 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 b. Cash Common Stock Pad-in Capital in Excess of Par Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 119000 119000 070 Credit 5000 10000 5000 10000

Waterway inc issues 500 shares of $10 par value cominon stock and 100 shares of $100 par value preferred stock for a lump sum of. $119,000 a. Prepare the journal entry for the issuance when the market price of the cornmon shares is $168 each and market price of the preferred is $210 each b. Prepare the journal entry for the issuance When only the macket price of the common stock is known and it is $208 per share. Alist all debit entries before credit entries, Do not round intermediatecolculotions Round final answers to O decimal places, es: 1,225. Oredit account tibles are automatically indented when the amount is entered. Do not indent manually. II no entry la required, select "No Entry" for the account titles and enter ofor the amounts)