Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 45

Entries for issuing no-par stock
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60.
a. Journalize the entries for May 15 and June 30, 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 June 30