On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common

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On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common stock (with a stated value of $2.25) at $5, and on June 30, it issued for cash 22,000 shares of preferred stock, $50 par at $62.
a. Journalize the entries for May 15 and June 30, assuming that the common stock 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?

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Financial And Managerial Accounting

ISBN: 9780357714041

16th Edition

Authors: Carl S. Warren, Jefferson P. Jones, William Tayler

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