X Company issues 680 shares of $2 par value common stock and 320 shares of $100 par value preferred stock for a lump sum of $131,600.

Prepare the entry for issuance when market price of common shares is $130 each and market price of preferred $160 each.

The correct entry is:

Cash 131,600

Common Stock 1360

Paid-in Capital in Excess of Par 81,972

Preferred Stock 32,000

Paid in Capital in Excess of Par 16,266

Where are the calculations for both Paid-in Capital in Excess of Pars coming from?