{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T15:09:52-04:00", "answer_date": "2024-05-27 15:09:52", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1786937", "url": "\/study-help\/questions\/entries-for-issuing-nopar-stock-on-february-12-quality-carpet-1786937", "question_creation_date_js": "2024-05-27T15:09:52-04:00", "question_creation_date": "May 27, 2024 03:09 PM", "meta_title": "[Solved] Entries for Issuing No-Par Stock On Febru | SolutionInn", "meta_description": "Answer of - Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 140,000 sha | SolutionInn", "meta_keywords": "entries,issuing,-par,stock,february,12,quality,carpet,inc.,wholesaler,issued,cash", "question_title_h1": " Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 140,000 shares of no-par common stock (with", "question_title": " Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc.,", "question_title_for_js_snippet": "Entries for Issuing No Par Stock On February 12, Quality Carpet Inc , a carpet wholesaler, issued for cash 140,000 shares of no par common stock (with a stated value of $4) at $16, and on August 3, it issued for cash 25,000 shares of $80 par preferred stock at $85 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 Cash Common Stock Paid In Capital in Excess of Stated Value Common Stock Aug 3 Cash Preferred Stock Paid In Capital in Excess of Par Preferred Stock 2,240,000 560,000 1,680,000 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 Recall the 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 August 37 x capital) Feedback", "question_description": "\"image", "transcribed_text": "Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 140,000 shares of no-par common stock (with a stated value of $4) at $16, and on August 3, it issued for cash 25,000 shares of $80 par preferred stock at $85. 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 Cash Common Stock - Paid-In Capital in Excess of Stated Value-Common Stock Aug. 3 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 2,240,000 560,000 1,680,000 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. Recall the 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 August 37 x capital) Feedback", "related_book": { "title": "Intermediate Accounting", "isbn": "978-0470613474, 470613475, 978-0470616314", "edition": "IFRS edition volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/255.jpg", "uri": "\/textbooks\/intermediate-accounting-ifrs-edition-volume-2-255", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8856854397", "uri": "\/textbooks\/python-reference-guide-for-beginners-a-practical-guide-to-learning-python-programming-1st-edition-979-8856854397-158957", "name": "Python Reference Guide For Beginners A Practical Guide To Learning Python Programming", "edition": "1st Edition" }, "question_posted": "2024-05-27 15:09:52", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/gabriele-enterprises-has-bonds-on-the-market-making-annual-payments-712030", "description": "Gabriele Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $974. 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