Response to the following problem:
Blue Corporation issues 200 "packages" of securities for $80 per package, or a total of $16,000. Each package includes four shares of $5 par common stock and one share of $30 par preferred stock. 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?
Show all work and calculations.