If the separate market values are 20 per share for the, Finance Basics

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If the separate market values are 20 per share for the

Question: Blue Corporation issues 200 "packages" of securities for $80 per package, or a total of $16,000 on December 31. Each package includes 4 shares of $5 par common stock and one share of $30 par preferred stock.

Required: If the separate market values are $20 per share for the common stock and $70 per share for the preferred stock, what journal entry will Blue make to record this transaction?

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