=+EX 13-3 Entries for issuing par stock obj. 3 On June 4, Magic Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of nopar common stock (with a stated value of $3) at $12, and on October 9, it issued for cash 25,000 shares of $75 par preferred stock at $80.

a. Journalize the entries for June 4 and October 9, assuming that the common stock is to be credited with the stated value.