Question

Entries for Issuing Par Stock

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 55,000 shares of $20 par common stock at $68, and on November 19, it issued for cash 140,000 shares of $4 par preferred stock at $7.

a. Journalize the entries for October 31 and November 19.

For a compound transaction, 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 November 19?

$

Oct. 31

 

 

 

 

 

 

 

 

 

 

 

Nov. 19