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Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a...

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Accounting

Entries for Issuing No-Par Stock
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $3) at $9, and on August 3, it issued for cash 30,000 shares of $80 par preferred stock at $84.
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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.
b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

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