Waterway Industries has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump sum of $71,000 cash. 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 o for the amounts.) Explanation Account Titles and Explanation Debit Credit Cash 71,000 Common Stock 9500 Paid-in Capital in Excess of Preferred Stock 15200 Paid-in Capital in Excess of Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market. (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 71,000 Common Stock 9500 Paid-in Capital in Excess 01 Preferred Stock 15200 Paid-in Capital in Excess of Click if you would like to Show Work for this question: Modify Show Work