【General guidance】The answer provided below has been developed in a clear step by step manner.Step1/1Solution:-(a.)DateAccountDrCrCash$72,000Common stock(2000*$5)$10,000Paid in capital in excess of par-common stock(54000-10000)$44,000Preferred stock(400*$40)$16,000Paid in capital in excess or par-preferred stock(18000-16000)$2,000(To record issue of shares)Working:-Common stock (2000*$30)$60,000Preferred stock(400*$50)$20,000Total Fair value$80,000App ... See the full answer