Question: Can someone please help me out and solve this problem, thanks :) Indigo Corporation, a private corporation, was organized on February 1, 2016. It is

 Can someone please help me out and solve this problem, thanks:) Indigo Corporation, a private corporation, was organized on February 1, 2016.

It is authorized to issue 100,000, $6 noncumulative preferred shares, and an

Can someone please help me out and solve this problem, thanks :)

Indigo Corporation, a private corporation, was organized on February 1, 2016. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 81,000 common shares at $5.00 per share. Mar. 1 Issued 5,100 preferred shares at $114 per share. Apr. 1 Issued 21,900 common shares for land. The land's asking price was $121,500 and its appraised value was $109,500. June 20 Issued 79,000 common shares at $4.50 per share. July 7 Issued 11,100 common shares to lawyers to pay for their bill of $49,950 for services they performed in helping the company organize. Sept. 1 Issued 10,800 common shares at $5.00 per share. Nov. 1 Issued 1,300 preferred shares at $116 per share. (a) Your answer is correct. Journalize the transactions. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 10 Cash 405,000 Common Shares 405,000 Mar. 1 Cash 581,4001 Preferred Shares 581,400 Apr. 1 Land 109,500 Common Shares 109,500 Jun. 20 Cash 355,500 Common Shares 355,5001 July 7 - Legal Fees Expense 49,950 Common Shares 49,950 Sep. 1 + Cash 54,000 Common Shares 54,0001 Nov. 1 + Cash 150,800 Preferred Shares 150,800 Your answer is partially correct. Try again. Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref Debit Credit Balance Mar. 1 J1 X Nov. 1 J1 Common Shares Date Explanation Ref Debit Credit Balance Feb. 10 J1 405,000 405,000 X Apr. 1 J1 109,500 514,500 June 20 J1 0 355,500 870,000 July 7 J1 49,950 919,950 X Sept. 1 J1 0 54,000 973,950

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