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Question - Entries for Issuing No-Par Stock - On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 245,000 shares of no-par common stock (with a stated value of $3) at $12, and on August 3, it issued for cash 20,000 shares of preferred stock, $65 par at $70.

Required -

a. Journalize the entries for February 12 and August 3, 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.

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

Reference no: EM133022263

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