On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par

Question:

On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par 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?

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...