On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par common stock (with a stated value of $3) at $12, and on August 3, it issued for cash 20,000 shares of $90 par preferred stock at $95. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par common stock (with a stated value of $3) at $12, and on August 3, it issued for cash 20,000 shares of $90 par preferred stock at $95. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par common stock (with a stated value of $3) at
$12, and on August 3, it issued for cash 20,000 shares of $90 par preferred stock at $95.
a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Feb. 12
Aug. 3
b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
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