On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100000 shares of $5 par preffered stock at $7.
a. Illustrate the effects on the accounts and finanical statements of the February 10 and May 9 transactions.
b. what is the total amount invest (total paid-in capital) by all stockholders as of May 9?