Satellite Systems, Inc. completed the following stock issuance transactions: Requirements 1. Journalize the transactions. Explanations are not
Question:
Satellite Systems, Inc. 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 Satellite Systems, Inc.?
Transcribed Image Text:
May 19 Jun. 3 11 Issued 2,000 shares of $1 par value common stock for cash of $9.50 per share. Issued 300 shares of $3, no-par preferred stock for $15,000 cash. Received equipment with a fair value of $78,000 in exchange for 3,000 shares of the $1 par value common stock.
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ANSWER Here are the journal entries in table format Date ...View the full answer
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