Entries for Issuing No-Par Stock

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 315,000 shares of no-par common stock (with a stated value of $4) at $12, and on August 3, it issued for cash 10,000 shares of $90 par preferred stock at $97.

a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Feb. 12
Aug. 3

b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3? $