On February 25, Madison County Rocks Inc., a marble contractor, issued for cash 120,000 shares of $36 par common stock at $40, and on June 3, it issued for cash 50,000 shares of $8 par preferred stock at $9.
a. Journalize the entries for February 25 and June 3.
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 June 3?
$