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On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 72,900 shares of $50 par common stock at $52, and on August
On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 72,900 shares of $50 par common stock at $52, and on August 7, it issued for cash 20,640 shares of preferred stock, $10 par at $14.
Required:
A. Journalize the entries for April 20 and August 7. Refer to the Chart of Accounts for exact wording of account titles.
B. What is the total amount invested (total paid-in capital) by all stockholders as of August 7?
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