May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 11

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalizing issuance of stock

Steller Systems completed the following stock issuance transactions:

Requirements

  1. Journalize the transactions. Explanations are not required.
  2. How much paid-in capital did these transactions generate for Steller Systems?
  3.  
May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per
share.
Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash.
Received equipment with a market value of $68,000 in exchange for
5,000 shares of the $3 par value common stock.
11
Transcribed Image Text:May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 11
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