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Entries for issuing no-par stock On February 12, Quality Carpel Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. a. Journalize the entries for February 12 and August 3, 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 August 3?

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
Chapter 13, Problem 13.4EX
Textbook Problem

Entries for issuing no-par stock

On February 12, Quality Carpel Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21.

  1. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.
  2. b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

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Chapter 13 Solutions

Accounting
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