Question: On February 25 Madison County Rocks Inc a marble contractor

On February 25, Madison County Rocks Inc., a marble contractor, issued for cash 120,000 shares of $36 par common stock at $40, and on June 3, it issued for cash 50,000 shares of preferred stock, $8 par at $9.
a. Journalize the entries for February 25 and June 3.
b. What is the total amount invested (total paid-in capital) by all stockholders as of June 3?

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  • CreatedFebruary 28, 2014
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