Entries for issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 285,000 shares of no-par common stock (with a stated value of $3) 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 Cash Common Stock Paid-In Capital in Excess of stated Value-Common Stock III II. III III Aug. 3 Cash Preferred Stock Pald-In Capital in Excess of Par-Preferred Stock Feedback Check My Wor 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 pald.in capital) by all stockholders as of August 37