Susie Systems completed the following stock issuance transactions: (Click the ic

Question

Susie Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Susie Systems? Jun. 3: Issued 340 shares of $4, no-par preferred stock for $17,000 cash Date Accounts Debit Credit Jun. 3 Jun. 11: Received equipment with a market value of $75,000 in exchange for 3,000 shares of the $3 par value common stock. Date Accounts Debit Credit Jun. 11 Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

PART-1)

1) Dr. Cash $17,000

Cr. Preferred Stock $17,000

2) Dr. Equipment 75,000

Cr. Common Stock—$1 Par Value ($3 per share * 3,000 shares) $9,000

Cr. Paid-In Capital in Excess of Par—Common ($75,000 $9,000) $66,000

PART-2)

Cash for Preferred Stock $17,000

Equipment for Common Stock $75,000

Total paid-in capital $92,000

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