Your company is authorized to issue 15,000 no par value common shares and 5,000 no par value preferred shares. On January 16, 2020, the corporation sold 100 common shares and 150 preferred shares for a lump sum of $ 100,000. The common were selling at $ 75 and the preferred at $ 100.

Required

Using the relative fair value method, prepare the entry to record the sale for cash. Show calculations.