Question: please do this question fast Gulf Corp. began a very lucrative consulting operation on June 1, 2014. They are authorized to issue 400,000 shares of

 please do this question fast Gulf Corp. began a very lucrative

please do this question fast

Gulf Corp. began a very lucrative consulting operation on June 1, 2014. They are authorized to issue 400,000 shares of $4.00 cumulative preferred shares. They are also authorized to issue 550,000 common shares. a. June 1: Issued 8,000 preferred shares at $2.76 per share for cash. b. June 7 : Gave the corporation's promoters 6,000 common shares for their services in organizing the corporation. The directors valued the services at $13,000. c. June 14:10,000 of the preferred shares were issued for a total of $40,000 cash. d. June 22: 6,000 common shares were issued in exchange for land valued at $12,000. e. June 28 : 10,000 of the common shares were issued for a total of $25,000 cash. f. June 30 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $13,200 were declared on the common shares today. Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page Gj1 F Debit Credit Date + - + - +1 +

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