Entries for Issuing No-Par Stock

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60.

Question Content Area

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	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained EarningsCash	Cash	Cash
	CashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsCommon Stock	Common Stock	Common Stock
	CashPaid-In Capital in Excess of Par-Preferred StockPaid-In Capital in Excess of Stated Value-Common StockRetained EarningsPaid-In Capital in Excess of Par-Preferred Stock	Paid-In Capital in Excess of Par-Preferred Stock	Paid-In Capital in Excess of Par-Preferred Stock
June 30	CashCommon StockPaid-In Capital in Excess of Stated Value- Common StockPreferred StockRetained EarningsCash	Cash	Cash
	CashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsPreferred Stock	Preferred Stock	Preferred Stock
	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockPaid-In Capital in Excess of Stated ValueRetained EarningsPaid-In Capital in Excess of Par-Preferred Stock	Paid-In Capital in Excess of Par-Preferred Stock	Paid-In Capital in Excess of Par-Preferred Stock

Question Content Area

b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? $fill in the blank 7d4422fe5042f8d_1