On July 17, America Carpet Inc., a carpet wholesaler, issued for cash 150,000 shares of no-par common

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On July 17, America Carpet Inc., a carpet wholesaler, issued for cash 150,000 shares of no-par common stock (with a stated value of $\$ 5$ ) at $\$ 36$, and on September 20, it issued for cash 10,000 shares of $\$ 50$ par preferred stock at $\$ 80$.

a. Journalize the entries for July 17 and September 20, 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 September 20 ?

objs. 2, 3, 4, 6

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Financial Accounting

ISBN: 9780324380675

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Jun 11, 2024 12:01 AM

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On July 17, America Carpet Inc., a carpet wholesaler, issued for cash 150,000 shares of no-par common

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Financial Accounting

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