Final answer:
The student needs to prepare journal entries for stock issuance using market values, but without relevant financial details or the application of an accepted allocation method, providing exact entries is not possible.
Step-by-step explanation:
The student is asking how to prepare the journal entry for the issuance of both common stock and preferred stock when the market value is given for both, and when only the market value of the common stock is known.
Unfortunately, the supplied text does not provide relevant information to determine the proper journal entries according to the given market values of the stocks. Therefore, although I understand the context of your question regarding the allocation of proceeds among common and preferred stocks based on their respective market values, I am unable to provide the exact journal entries without additional financial data or the application of an accepted allocation method like the proportional method based on market values.
Commonly, when a company issues both common and preferred stock for a lump sum amount, and the market values of each type of shares are known, the company allocates the proceeds between the common and the preferred stocks based on their relative market values.