On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common

Question:

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60.
a. Journalize the entries for May 15 and June 30, assuming that the is to be credited with the stated value.
b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...