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

تمرين 4

Entries for issuing par stock
On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of $45 par common stock at $54, and on August 7, it issued for cash 20,000 shares of preferred stock, $10 par at $12.
a. Journalize the entries for April 20 and August 7.
b. What is the total amount invested (total paid-in capital) by all stockholders as of August 7