Issuing stock [10-15 min]
Susie Systems completed the following stock issuance transactions:
May19 | Issued 2,000 shares of $1 par common stock for cash of $9.50 per share. |
Jun 3 | Sold 300 shares of $3, no-par preferred stock for $15,000 cash. |
11 | Received equipment with market value of $78,000. Issued 3,000 shares of the $1 par common stock in exchange. |
Requirements
1. Journalize the transactions. Explanations are not required.
2. How much paid-in capital did these transactions generate for Susie Systems?
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