On February $12,$ Quality Carpet Inc., a carpet wholesaler, issued for cash $260,000$ shares of no$-$par common stock $($with a stated value of $$3)$ at $$9,$ and on August $3,$ it issued for cash $30,000$ shares of $$80$ par preferred stock at $$84.$

Question Content Area

a$.$ Journalize the entries for February $12$ and August $3,$ assuming that the common stock is to be credited with the stated value.

b$.$ What is the total amount invested $($total paid$-$in capital$)$ by all stockholders as of August $3?$