On January $22,$ Jefferson County Rocks Inc., a marble contractor, issued for cash $55,000$ shares of $$24$ par common stock at $$82,$ and on February $27,$ it issued for cash $120,000$ shares of preferred stock, $$5$ par at $$7.$

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a$.$ Journalize the entries for January $22$ and February $27.$ If an amount box does not require an entry, leave it blank.

DateAccountDebitCredit

Jan. $22$

Cash

Common Stock

Paid$-$In Capital in Excess of Par$-$Common Stock

Feb. $27$

Cash

Preferred Stock

Paid$-$In Capital in Excess of Par$-$Preferred Stock

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Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock.

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b$.$ What is the total amount invested $($total paid$-$in capital$)$ by all stockholders as of February $27?$

fill in the blank $1$ of $1$$