Oriole Corporation issued325shares of $10par value common stock and155shares of $50par value preferred stock for a lump

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Question:

Oriole Corporation issued 325 shares of $10 par value common stock and 155 shares of $50 par value preferred stock for a lump sum of $19,800. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Required

Prepare the journal entry to record the issuance.