Entries for Issuing No-Par Stock

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $6) at $18, and on June 30, it issued for cash 15,000 shares of preferred stock, $80 par at $84.

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.

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

May 15 June 30 Accounting numeric field Cash Common Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings