Question

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

Answer 1

31-Oct	Cash	1054500		=70300*15
	Common Stock		703000	=70300*10
	Paid-In Capital in Excess of Par-Common Stock		351500
19-Nov	Cash	1033200		=18450*56
	Preferred Stock		830250	=18450*45
	Paid-In Capital in Excess of Par-Preferred Stock		202950
B
Total amount invested (total paid-in capital) = 1054500+1033200= $2087700