Skylar Systems completed the following stock issuance transa

Skylar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Skylar Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) May 19: Issued 1,500 shares of $3 par value common stock for cash of $10.00 per share. Date Accounts Debit More Info May 19 Issued 1,500 shares of $3 par value common stock for Isssued 240 shares of $2, no-par preferred stock for Received equipment with a market value of $68,000 in shares of the $3 par value common stock. May 19 cash of $10.00 per share. Jun. 3: Issued 240 shares of $2, no-par preferred stock for $12,000 cash. Jun. 3 $12,000 cash. Date Debit Credit 11 exchange for 10,000 Jun. 3 Print Done Jun. 11: Received equipment with a market value of $68,000 in exchange for 10,000 shares of the $3 par value common stock. Debit Date Credit Jun. 11 Requirement 2. How much paid-in capital did these transactions generate for Skylar Systems? Total paid-in capital generated from these transactions amounts to $

Solution

1 Date Accounts Debit Credit 19-May Cash $15,000 Common Stock $4,500 Paid-in Capital in Excess of Par - Common Stock $10,500 (common stock issued at premium) 2 3-Jun Cash $12,000 Preferred stock $12,000 (No-par Preferred stock issued for cash ) 3 11-Jun Equipment $68,000 Common Stock $30,000 Paid-in Capital in Excess of Par - Common Stock $38,000 (Issued common stock exchange of equipment)