Given Data:
On October 3, 2020, Synthetic Inc, a cell phone protector company, issued 6,000 of its preferred
shares for cash of $19.50 each. On November 19 the company issued 3,400 preferred shares in exchange
for land with a fair market value of $80,000.
a. Prepared the entries for October 3 and November 19.
b. Calculate the average issued price per preferred share.
PART 2
Given Data:
Prepare journal entries to record the following transactions for Desmond Corporation:
Apr. 15 Declared a $98,000 cash dividend payable to common shareholders
June 30 Paid the dividend declared on April 15.
Dec. 31 Closed the Cash Dividends account