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Cupp Coffee and Pastries (CCP) was organized on Jan 1,2023. It is authorized to issue...

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Accounting

Cupp Coffee and Pastries (CCP) was organized on Jan 1,2023. It is authorized to issue an unfimited number of common shares and 120,000 preferted shares with 95 dividend; non-paricipating and cumulative. No share transactions were made in 2023. The folfowing share transactions were completed in 2024.Retained Earning on Dec 31,2023(closing date) was 435,000.Jan 20: Issued 16,000 common shares for cash at $22 each Feb 1: Issued 30,000 preferred shares for cash at $110 eachMar 2: Issued 4,000 common shares for land. The fair value of the land was $73,500; market price of common shares was $20Apr 4: Issued 1,000 common shares to IBBIS Corporation for providing maintenance service to CCP, the invoice for the work was $19,500May 5: Issued 25,000 common shares for cash at $19 each June 7: Issued 1,200 preferred shares for cash at $105 eachOct 17: Purchased and retired 1,000 common shares at $18 per share Nov 21: Purchased and retired 500 common shares at $23 per shareDec 30: Declared 8% stock dividend on the outstanding common shares at fair value. The fair value of the common shares on that date is $17 per shareRequirement -1 Prepare the journal entries to record the bove transactions for 2024.

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