3:50 1 1. Prepare general journal entries to record the transactions listed. 2. Show the Equity section of Moray at June 30, 2025. 3. If Moray Ltd buys back 25 000 preference shares for $2.50 per share, what factors would its accountant have to consider in determining how best to record the transaction in the accounts? (LO6 and LO7) Exercise 13.13 (From Loftus 3rd edition) Issue of option and shares, forfeiture of shares Prepare ledger accounts to record the following transactions for Turtle Ltd. (LO6 and L08) 2023 July 1 July 21 July 31 Aug 14 Dec 1 2024 June 1 June 10 000 June 15 June 25 A prospectus was issued inviting applications for 100 000 ordinary shares at an issue price of $3, with $2 payable on application and the balance payable on 10 June 2024. The prospectus also offered 50 000 10% preference shares at $2, fully payable on application. The issue was underwritten at a commission of $6500, allocated equally between the classes of shares. Convert web pages and HTML files to PDF in your applications with the Pdfcrowd HTML to PDF API Printed with Pdfcrowd.com Applications closed with the ordinary share issue oversubscribed by 20 000 and the preference shares undersubscribed by 15 000. All shares were allotted, and application money refunded to unsuccessful applicants for ordinary shares. The underwriter paid amounts less commission. The directors resolved to give each ordinary shareholder, free of charge, one option for every two shares held. The options are exercisable prior to 1 June 2024 and allow each holder to acquire one ordinary share at an exercise price of $2.70. Options not exercised prior to that date lapse. The holders of 40 000 options elected to exercise those options and 40 000 shares were issued. The balance payable on the ordinary shares was received from holders of 95 000 ordinary shares. The shares on which call money was not received were forfeited. The forfeited shares were placed with a financial institution, paid to $3 on payment of $2.80. The cash was received from the financial institution, and any balance in the forfeited shares account returned to the former shareholders. Reissue costs amounted to $550.

1. Plepase generd journal enteles ts recod the trarsactoes hated. 2 Shove the Equig section of Meray at dune 30, 2025. 3. If Moray Lid tuys back 25000 preference shares for $2.50 per shaie. what facion would Ia accountant have to consider in delermining how best to recond the traraschon in se. actouns? (LO6 and LOT) Exerose 13.13 (From Lotus 3nd ecitore laue of epton and shares, folpare of shares 1. Plepase generd journal enteles ts recod the trarsactoes hated. 2 Shove the Equig section of Meray at dune 30, 2025. 3. If Moray Lid tuys back 25000 preference shares for $2.50 per shaie. what facion would Ia accountant have to consider in delermining how best to recond the traraschon in se. actouns? (LO6 and LOT) Exerose 13.13 (From Lotus 3nd ecitore laue of epton and shares, folpare of shares