Estes Company issues 300 shares of $50 par preferred stock

Estes Company issues 300 shares of $50 par preferred stock and 1,000 shares of $10 par common stock in a ?opackage?? sale. Total proceeds received amount to $39,000.RequiredRecord the transaction for each independent assumption shown:1. The common stock has a current market value of $19 per share; the current market value of preferred stock is not known.2. The common stock and the preferred stock have a current market value per share of $22 and $60 respectively.

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