East Ltd. made the following share issuance transactions: Jan. 19 Issued 4,500 common shares for cash of

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East Ltd. made the following share issuance transactions:

Jan. 19 Issued 4,500 common shares for cash of $11.00 per share.

Feb. 3 Sold 1,000 $1.50 Class A preferred shares for $14,000 cash.

11 Received inventory valued at $30,000 and equipment with market value of $17,000 for 5,800 common shares.

15 Issued 2,000 $1.00 Class B preferred shares for $13.00 per share.

Required

1. Journalize the transactions. Explanations are not required.

2. How much contributed capital did these transactions generate for East Ltd?

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Related Book For answer-question

Accounting

ISBN: 978-0132690089

9th Canadian Edition volume 2

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

Question Posted: Dec 21, 2016 10:21 AM

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East Ltd. made the following share issuance transactions: Jan. 19 Issued 4,500 common shares for cash of

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