Question: On August 5 Synthetic Carpet Inc a carpet wholesaler issued

On August 5, Synthetic Carpet Inc., a carpet wholesaler, issued for cash 500,000 shares of no-par common stock (with a stated value of $1) at $3, and on December 17, it issued for cash 5,000 shares of preferred stock, $180 par at $200.
a. Journalize the entries for August 5 and December 17, assuming that the common stock is to be credited with the stated value.
b. What is the total amount invested (total paid-in capital) by all stockholders as of December 17?

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  • CreatedFebruary 28, 2014
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