Question 7

Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 305,000 shares of no-par common stock (with a stated value of $4) at $12, and on June 30, it issued for cash 20,000 shares of preferred stock, $80 par at $87. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock June 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? $