Question: On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of $45 par common stock at $54, and on August

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

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a Apr 20 Cash 75000 shares 54 4050000 Common Stock 75000 shares 45 337... View full answer

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