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.