Pool Corporation is authorized to issue an unlimited number of common shares and 1 , 0 0
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Question:
Pool Corporation is authorized to issue an unlimited number of common shares and shares of preferred shares. During its first year of operation, the company had net income of $ The following share transactions occurred:
Jan Paid the province $ for incorporation fees.
Jan Issued of $ cumulative preferred shares at $ per share.
Jan Lawyers for the company accepted common shares as payment for legal services provided in helping the company incorporate. The legal services are estimated to have a value of $ The shares were actively trading at $ per share.
Jul Issued common shares for land. The land had an asking price of $ and its appraised value was $
a Journalize the transactions for Pool Corporation.
b Prepare the shareholders equity section of the balance sheet, Pool has a December yearend.
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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