On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common
Question:
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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a b 4489000 3125000 1364000 May 15 Cash 625000 5 Common Stoc...View the full answer
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Related Book For 
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
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