On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of $45

Question:

On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of $45 par at $54, and on August 7, it issued for cash 20,000 shares of preferred stock, $10 par at $12.
a. Journalize the entries for April 20 and August 7.
b. What is the total amount invested (total paid-in capital) by all stockholders as of August 7?
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...