i v2.cengagenow.com 22, CengageoWv2 Online teaching and learning resource from C

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i v2.cengagenow.com 22, CengageoWv2 Online teaching and learning resource from Cengage.. Show Me HowCalculator Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc, a marble contractor, issued for cash 20,000 shares of $8 par common stock at $27, and on February 27) t issued for cash 110,000 shares of preferred stock $5 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. lan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 277 Preious Next 8 0 8 6

Explanation / Answer

a.

b. Total amount invested = $540,000 + $880,000 = $1,420,000

Date General Journal Debit Credit Jan. 22 Cash $540,000 Common Stock $160,000 Paid in Capital in excess of Par $380,000 Feb. 27 Cash $880,000 Preferred Stock $550,000 Paid in Capital in excess of par $330,000

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