1. On June 4, Magic Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $3) at $12, and on October 9, it issued for cash 25,000 shares of $75 par preferred stock at $80.
(a) Journalize the entries for June 4 and October 9, assuming that the common stock is to be credited with the stated value.
(b) What is the total amount invested (total paid-in capital) by all stockholders as of October 9?