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. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
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. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At...
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