Common shares: 1,000,000 shares authorized, 75,000 shares issued and outstanding
94,000
270,000
Total share capital
Retained earnings Total shareholders equity
364,000
127,400 $491,400
The following transactions occurred in 2019:
January 15:Issued 25,000 common shares for $3.50 per share and 3,600 Series C preferred shares for $7 per share.
June 7:Issued 4,000 Series C preferred shares in exchange for equipment valued at $29,500.
Sep 26:Issued 18,000 common shares for $3.75 per share.
Oct 19:Declared $32,000 of dividends, payable to shareholders on January 9, 2020
Prepare the journal entries to record these transactions for the year ended December 31, 2019. Be sure to label accounts relating to common shares separately from those relating to preferred shares
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