10. Homework Set 1.LO 10.2 The following transactions and events took place regarding Beerbo Inc.: January 1, 2021: o Beerbo Inc. was created. o The board of directors (BOD) set the maximum number of common shares that Beerbo can issue at one million. o The BOD set the par value of the common stock at $1 per share. January 10, 2021: o Beerbo issued 10,000 shares of its common stock privately to the founding members at par value in (exchange for consultation services) as follows: Mr. Swaggins: 9,000 shares Mr. Moosk: 1,000 shares January 15, 2021: o Beerbo issued 100,000 shares of its common stock publicly at $20 per share (in exchange for cash) as follows: Mr. Swaggins: 60,000 shares Mr. Moosk: 15,000 shares various outside / public investors: 25,000 Assume Beerbo has the following accounts set up in its general ledger: Cash Common Stock - Par Consultation Service Expense Paid-in Capital in Excess of Par Paid-in Capital - Treasury Stock > Retained Earnings Treasury Stock