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Gooper Corporations is a public company that follows IFRS. Gooper has been authorized to issue...

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Accounting

Gooper Corporations is a public company that follows IFRS. Gooper has been authorized to issue an unlimited number of common shares and 750,000 preferred shares. The dividend rate for the preferred shares is $8 per share. The following transactions were completed. Assume each transaction is independent of the others. Prepare the journal entries to record the transactions.
1. Issued 2,000 common shares and 145 preferred shares for PPE. The common shares had a fair value of $17 per share and the PPE was appraised at $40,000.
2. Issued 5,000 common shares for land. The land had been appraised at $90,000, and the sellers cost was $58,600. The common shares most recent market price is $20 a share.
3. Issued 3,500 common shares and 1,500 preferred shares for $130,000. The common shares had been selling at $22 and the preferred at $90.
4. The BOD declared a $8 dividend on both the 20,000 outstanding common shares and the 52,000 outstanding preferred shares.

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