Steller Systems completed the following stock issuance transactions 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 11 Received equipment with a market value of $68,000 in exchange for 5,000 ...

Requirement 1 Date Accounts and Explanation Debit C ...

Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value

Question:

Steller Systems completed the following stock issuance transactions:
May 19 Issued 1,700 shares of $3 for cash of $10.50 per share.
Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash.
11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 common stock.
Requirements
1. Journalize the transactions. Explanations are not required.
2. How much paid-in capital did these transactions generate for Steller Systems?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...