Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 200,000 shares of no-par common stock (with a stated value of $4) at $12, and on June 30, it issued for cash 20,000 shares of preferred stock, $85 par at $88. a. Journalize the entries for May 15 and June 30, 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. May 15 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock June 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 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 June 30? 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