9 Chopped Cookware Inc. (CCI) designs, manufactures and sells high-end cookware to the culinary industry and home chefs. CCI was incorporated during 2020, with an unlimited number of common shares, and 50,000 preferred shares with a $3 dividend rate authorized. CCI follows ASPE. The following transactions took place during their first year of operations with respect to share capital: January 1st 10 11 12 13 14 39 January 15th February 20th 15 March 3rd 16 175 17 May 10th 18 19 20 22 21 September 23rd The articles of incorporation were filed and state that an unlimited number of common shares and 50,000 preferred shares are authorized. 30,000 common shares were sold by subscription to three individuals, who each purchased 10,000 shares for $50 per share. The terms require 10% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2021, at which time the shares will be issued 70,000 common shares were sold by subscription to seven individuals, who each purchased 10,000 shares for $50 per share. The terms require that 10% of the balance be paid in cash immediately, with the balance to be paid by December 31, 2020. Shares are to be issued once the full payment is received. 50,000 common shares were sold by an underwriter for $52 per share. The underwriter charged CCI a 5% commission on the sale. CCI paid $2,000 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $15,000. CCI issued a combination of 2,000 common and 1,000 preferred shares to a new shareholder for a total price of $200,000. CCI was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. i wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 500 common wanted the offer and signed a note payable to CCI in