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(Answered)-On January 29, Quality Marble Inc., a marble contractor, issued


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. How is this placed on a balance sheet

b.What is the total amount invested (total paid-in capital) by all stockholders as of May 31? how is this placed on a balance sheet

 


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Oct 07, 2020

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