Question: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par common stock at $34, and on May 9,

On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100,000 shares of $5 par preferred stock at $7.
(a) Journalize the entries for February 10 and May 9.
(b) What is the total amount invested (total paid-in-capital) by all stockholders as of May 9?

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