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On February 15, J Company issued for cash 45,000 shares of P15 par common shares at P25. On July 15, it issued for cash 50,000

On February 15, J Company issued for cash 45,000 shares of P15 par common shares at P25. On July 15, it issued for cash 50,000 shares of preferred shares $20 par at P35.

(1) Journalize the entries to record February 15 and July 15.

(2) What is the total capital by all stockholders as of July 25? Show simple computation.

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