Sierra Systems completed the following stock issuance transactions: Requirements 1. Journalize the transactions. Explanations are not required.

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Sierra Systems completed the following stock issuance transactions: image text in transcribed

Requirements 1. Journalize the transactions. Explanations are not required.
2. How much paid-in capital did these transactions generate for Sierra Systems?

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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Question Posted: May 13, 2024 05:01 AM

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Sierra Systems completed the following stock issuance transactions: Requirements 1. Journalize the transactions. Explanations are not required.

Question:

Sep 19 Oct 3 11 Issued 1,300 shares of $1 par common stock for cash of $10.00 per share. Sold 500 shares of $4.00, no-par preferred stock for $25,000 cash. Received inventory valued at $21,000 and equipment with a market value of $16,000. Issued 12,000 shares of the $1 par common stock in exchange.

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Financial Accounting

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