The following is the Issued Share Capital section of shareholders equity for the Larson Corporation of White
Question:
The following is the Issued Share Capital section of shareholders’ equity for the Larson Corporation of White Rock on June 1, 2013.
Issued Share Capital:
Preferred Shares, no par value, $2 dividend, authorized 20,000 shares, 5,000 shares issued ........ $125,000
Common Shares, no par value, authorized 100,000 shares, 20,000 shares issued............................ $200,000
Total Issued Share Capital ......................................................................................................................... $325,000
The following transactions occurred in the months of June and July 2013:
June 3: Issued 2,000 preferred shares at $28 per share.
June 4: Issued 4,000 common shares at $13 per share.
Jun 14: Issued 5,000 common shares at $16 per share.
July 2: Issued 1,000 preferred shares at $29 per share.
Jul 19: Issued 2,000 common shares in exchange for building and land with a fair market value of $25,000 and $29,000, respectively.
a. Journalize and post the above entries and update the shareholders’ equity ledger accounts provided in the workbook.
b. Prepare a new Share Capital section of shareholders’ equity as of July 31, 2013.
