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 $$1\mathrm{.}50)$ at $$4,$ and on June $30,$ it

issued for cash $17,500$ shares of Preferred stock, $$50$ par at $$60.$

a$.$ Illustrate the effects on the accounts and financial statements of the May $15$ transaction. If no account or activity is affected, select $"$No effect" from the

dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.