King Corporation began operations in January, year 1 . The charter authorized the following share capital: Preferred
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King Corporation began operations in January, year The charter authorized the following share capital:
Preferred shares: $ par value, authorized shares
Common shares: no par value, authorized shares
During year the following transactions occurred in the order given:
Sold and issued common shares to each of the three organizers. Collected $ cash per share from two of the organizers, and received a plot of land with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that percent of the noncash payment received applies to the building.
Sold and issued preferred shares at $ per share. Collected the cash and issued the shares immediately.
Sold and issued preferred shares at $ and common shares at $ per share. Collected the cash and issued the shares immediately.
The operating results at the end of year were as follows:
Revenues $
Expenses, including income taxes Required:
Prepare the journal entries to record each of these transactions and to close the accounts. If no entry is required for a transactionevent select No journal entry required" in the first account field Prepare the shareholders equity section of the statement of financial position for King Corporation at the end of year
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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