Business, 14.07.2020 23:01 thunder42

6. A company is authorized to issue 50,000 $50 par value, 8%, cumulative, fully participa preference shares, and 750,000 $5 par value ordinary shares. Prepare journal entries to re
the following selected transactions that occurred during the company's first year
operations:
May 5
July 20
Dec 20
Exchanged 2,000 preference shares for a building with a market value of
$135,000
Sold 1,550 preference shares for $50 cash per share
Sold 1,000 preference shares at $55 cash per share.
7. A company reports the following shareholders' equity:
Pad-in Capital:

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6. A company is authorized to issue 50,000 $50 par value, 8%, cumulative, fully participa preferenc...