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Homework Answers
a) Journal entry
| Date | General journal | Debit | Credit |
| Jan 22 | Cash (35000*34) | 1190000 | |
| Common Stock | 350000 | ||
| Paid in capital in excess of par value-Common Stock | 840000 | ||
| Feb 27 | Cash (120000*7) | 840000 | |
| Preferred stock | 480000 | ||
| Paid in capital in excess of par value-Preferred stock | 360000 |
Total paid in capital = 1190000+840000 = $2030000
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