Question

SydneySydney Systems completed the following stock issuance​ transactions: LOADING... ​(Click the icon to view the​ transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much​ paid-in capital did these transactions generate for SydneySydney ​Systems? Requirement 1. Journalize the transactions. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.) MayMay ​19: Issued 2 comma 0002,000 shares of ​$11 par value common stock for cash of ​$12.5012.50 per share. Date Accounts Debit Credit May 19 Jun.Jun. ​3: Issued 260260 shares of ​$22​, ​no-par preferred stock for ​$13 comma 00013,000 cash. Date Accounts Debit Credit Jun. 3 Jun.Jun. ​11: Received equipment with a market value of $ 69 comma 000$69,000 in exchange for 9 comma 0009,000 shares of the ​$11 par value common stock. Date Accounts Debit Credit Jun. 11 Requirement 2. How much​ paid-in capital did these transactions generate for SydneySydney ​Systems? Total paid-in capital generated from these transactions amounts to $ . Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Requirement 1

Date	General Journal	Debit	Credit
May-19	Cash	$   25,000.00
	Common stock		$   22,000.00
	Paid in capital in excess of Par -Common stock		$     3,000.00
Jun-03	Cash	$   13,000.00
	Preferred stock		$   13,000.00
Jun-11	Equipment	$   99,000.00
	Common stock		$   99,000.00

Note

In case of common stock issued on june 11 , transaction will be recorded at $99000 since 99000 is higher of the two amounts ie market value of asset exchanged and market value of shares issued.

Requirement 2

Total paid-in capital generated from these transactions amounts to= $ 137,000