5) Corporations 5-1 What is a corporation? And, list three characteristics of a corporation 5-2 Journalizing issuance of stock-at par and at a premium Jones 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 shares of the $3 par value common stock. Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Steller Systems