Question

Stanley Systems completed the following stock issuance​transactions:

May 19 Issued 1,200 shares of $2 par value common stock for cash of $12.00 per share.
Jun. 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock
Requirements
1. Journalize the transactions. Explanations are not required.
2. How much​ paid-in capital did these transactions generate for
StanleyStanley
Systems?
Date
Accounts
Debit
Credit
May 19
Cash
Common Stock—$2 Par Value
Paid-In Capital in Excess of Par—Common
And if possible please help me with,
Pioneer Amusements Corporation had the following​ stockholders' equity on November 30​:
Stockholders' Equity
Paid-In Capital:
Common Stock—$5 Par Value; 1,300 shares
authorized, 150 shares issued and outstanding $
750
Paid-In Capital in Excess of Par—Common 2,250
Total Paid-In Capital 3,000
Retained Earnings 56,000
Total Stockholders' Equity $
59,000
​(Click the icon to view the​ stockholders' equity.) On December​ 30,Pioneer purchased 100 shares of treasury stock at $ 14 per share.
Read the requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the​ stockholders' equity section of the balance sheet at December​ 31,
20182018.
Assume the balance in retained earnings is unchanged from
NovemberNovember
3030.
3. How many shares of common stock are outstanding after the purchase of treasury​ stock?
Date
Accounts and Explanation
Debit
Credit
Dec. 30
Treasury Stock—Common
1000
Cash
1000
Purchased treasury stock.

Answer 1

cash 14,400 debit

common stock 2,400 credit

additional paid-in CS 12,000 credit

--to record May 19th transactions--

cash 12,500 debit

preferred stock 4,000 credit

additional paid-in PS 8,500 credit

--to record June 3th transactions--

Equipment 70,000 debit

common stock 8,000 credit

additional paid-in CS 62,000 credit

--to record third transactions--

Total paid-in afterl these three transactions:

12,000 + 8,500 + 62,000 = 82,500

Step-by-step explanation:

1,200 shares x $12 each = $14,400 cash received

1,200 shares x $ 2 each = $ 2,400 common stock

Additional paid-in $ 12,000

500 shares x $25 = $12,500 cash received

500 shares x $ 8 = $ 4,000 preferred stock

addtional paid-in $ 8,500

70,000 equipment

common stock 4,000 shares x $2 = 8,000

additional paid-in 70,000 - 8,000 = 62,000