12.3

12.3

Entries for issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 65,000 shares of $25 par common stock at $85, and on February 27. it issued for cash 160,000 shares of preferred stock. $4 par at $6. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid In Capital in Excess of Par-Common Stock 111 111 Feb. 22 Cash Preferred Stock Paid In Capital in Excess of Par Preferred Stock Foot The My Wor Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock I Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recal definition of legal capital and what affect that has on recording the sale of stock. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? Feedback Check My Work Paid-in capital refers to how much has been paid into the corporation by stockholders in order to be owners. Feedback Check My Work Partially correct Previous Check My Work a 2