On July 12, Lasting Carper Inc., a carpet wholesaler, issued for cash 300,000 shares of no-par common

Question:

On July 12, Lasting Carper Inc., a carpet wholesaler, issued for cash 300,000 shares of no-par (with a stated value of $4) at $9, and on November 18, it issued for cash 40,000 shares of $90 par preferred stock at $100.
a. Journalize the entries for July 12 and November 18, assuming that the is to be credited with the stated value.
b. What is the total amount invested (total paid-in capital) by all stockholders as of November 18?

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...