$($a$)$

$|$ Share Subscriptions Receivable

$891000$

Common stock LivTamarisk Ltd$.$ showed the following information on its September $30,2024$ year$-$end financial statements:

Preferred Shares, $$8$ cumulative, $500,000$ shares authorized,

$214,000$ shares issued and outstanding

$$3,424,000$

Common Shares, no par value, unlimited shares authorized,Tamarisk Ltd$.$ showed the following information on its September $30,2024$ year$-$end financial statements:

Preferred Shares, $$8$ cumulative, $500,000$ shares authorized,

$214,000$ shares issued and outstanding

$$3,424,000$

Common Shares, no par value, unlimited shares authorized,

$559,000$ shares issued and outstanding

$$5,590,000$

The following transactions occurred, in the order given, during $2025$:

$($a$)$ October $10,2024$: Received subscriptions and down payments for $81,000$ common shares at $$11$ per share. The subscription

contract calls for $40\%$ of the subscription to be paid upon receipt, and the remaining $60\%$ to be paid on November $30,2024.$

In the event of default on the subscriptions, the company will retain the down payment.

$($b$)$ November $30,2024$: Received payment for $76,400$ of the subscribed shares; the remaining $4,600$ defaulted. Issued the share

certificates for the appropriate number of shares.

$($c$)$ January $1,2025$: Issued $9,100$ preferred shares at $$40$ per share.

$($d$)$ April $5,2025$: Repurchased and cancelled $20,400$ common shares at a cost of $$9$ per share.

$($e$)$ August $15,2025$: Declared dividends for preferred shares $($dividends had not been paid the previous year$).$ Also declared $$3$

per share dividend for common shares. Both dividends are to be paid on October $1$ to shareholders of record on September

$30,2025.$

$($f$)$ If the preferred shares had a $$27$ par value, what journal entry would be required for the January $1,2025$ transaction in part

$($c$)?$

Prepare the journal entries to record the above transactions for Tamarisk Ltd$.$ for $2025.($Round average share price to $2$ decimal places for

your calculations, e$.$g$.52\mathrm{.}75$ and final answers to $0$ decimal places, e$.$g$.5,275.$ List all debit entries before credit entries. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

$($a$)$ Share Subscriptions Receivable

Common Stock Dividends Distributable

$($To record sale of shares on a subscription basis$)$

$[$

Share Subscriptions Receivable

$($To record collection of down payment$)$

$559,000$ shares issued and outstanding

$$5,590,000$

The following transactions occurred, in the order given, during $2025$:

$($a$)$ October $10,2024$: Received subscriptions and down payments for $81,000$ common shares at $$11$ per share. The subscription

contract calls for $40\%$ of the subscription to be paid upon receipt, and the remaining $60\%$ to be paid on November $30,2024.$

In the event of default on the subscriptions, the company will retain the down payment.

$($b$)$ November $30,2024$: Received payment for $76,400$ of the subscribed shares; the remaining $4,600$ defaulted. Issued the share

certificates for the appropriate number of shares.

$($c$)$ January $1,2025$: Issued $9,100$ preferred shares at $$40$ per share.

$($d$)$ April $5,2025$: Repurchased and cancelled $20,400$ common shares at a cost of $$9$ per share.

$($e$)$ August $15,2025$: Declared dividends for preferred shares $($dividends had not been paid the previous year$).$ Also declared $$3$

per share dividend for common shares. Both dividends are to be paid on October $1$ to shareholders of record on September

$30,2025.$

$($f$)$ If the preferred shares had a $$27$ par value, what journal entry would be required for the January $1,2025$ transaction in part

$($c$)?$

Prepare the journal entries to record the above transactions for Tamarisk Ltd$.$ for $2025.($Round average share price to $2$ decimal places for

your calculations, e$.$g$.52\mathrm{.}75$ and final answers to $0$ decimal places, e$.$g$.5,275.$ List all debit entries before credit entries. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

List of Accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation $-$ Automabiles

Accumulated Depreciation $-$ Bulldings

Accumulated OCl