Entries for Issuing No-Par Stock

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $4) at $16, and on August 3, it issued for cash 30,000 shares of preferred stock, $70 par at $77.

Question Content Area

a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.

Feb. 12	Cash, Common Stock, Paid-In Capital in Excess of Par-Preferred Stock, Preferred Stock, Retained Earnings	- Select -	- Select -
	Cash, Common Stock, Paid-In Capital in Excess of Par-Common Stock, Preferred Stock, Retained Earnings	- Select -	- Select -
	Cash, Paid-In Capital in Excess of Par-Preferred Stock, Paid-In Capital in Excess of Stated Value-Common Stock, Preferred Stock, Retained Earnings	- Select -	- Select -
Aug. 3	Cash, Common StockPaid-In Capital in Excess of Stated Value-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	Cash, Common Stock, Paid-In Capital in Excess of Par-Common Stock, Preferred Stock, Retained Earnings	- Select -	- Select -
	Cash, Common Stock, Paid-In Capital in Excess of Par-Preferred Stock, Paid-In Capital in Excess of Stated Value-Common Stock, Retained Earnings	- Select -	- Select -

Question Content Area

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