On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.
- a.Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.
- b.What is the total amount invested (total paid-in capital) by all stockholders as of May 31?
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