Problem 6-Relative Fair Value / Residual Value Method [10 minutes] 12 marks Sam & Ella's is a seedy pub in New Westminster. They sell 1,000 packages of equity securities consisting of one common share and one preferred share. Each package was sold for $100 for total proceeds of $100,000. At the time of sale, the market price of the common shares was $91.00 and the estimated fair value of the preferred shares was $10.00. Prepare the necessary journal entries: a. If the company uses the relative fair value method (6 marks). Debit Credit b. If the company uses the residual value method (6 marks). Debit Credit