Lump Sum Issuance of Shares

Essay

Lump sum issuance of shares
Bertram Corp. is authorized to issue 15,000 no par value common shares and 5,000 no par value preferred shares. On January 16, 2020, the corporation sold 50 common shares and 75 preferred shares for a lump sum of $ 9,000. The common were selling at $ 50 and the preferred at $ 100.
Instructions
Using the relative fair value method, prepare the entry to record the sale for cash. Show calculations.