26 Buffalo Limited has been authorized to issue 20,600 102 par value, 10%, non-cumulative preference shares and 980,736 no-par ordinary shares. The corporation assigned a 2.56 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. Share Capital-Preference Share Premium-Preference Share Capital-Ordinary Share Premium-Ordinary 108,120 24,580 980,736 Treasury Shares-Ordinary (940 shares). Share Premium-Treasury Retained Earnings 1,790,700 9,400 940 80,800 The preference shares were issued for land having a fair value of 132,700. All ordinary shares issued were for cash. In November, 1,410 ordinary shares were purchased for the treasury at a per share cost of E10. In December, 470 treasury shares were sold for 12 per share. No dividends were declared in 2017. Prepare the journal entries for the: (Credit account titles are automatically indented when amount (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. No. Account Titles and Explanation 1. 2. 3. Debit Credit Study Privacy Policy | 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Prepare the equity section at December 31, 2017. BUFFALO LIMITED Statement of Financial Position (Partial) SHOW LIST OF ACCOUNTS