Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Ayayai Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 92,000 preferred shares with a
Ayayai Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 92,000 preferred shares with a $ 6 dividend. The following share transactions were completed during the first year:
Jan. | 10 | Issued 215,000 common shares for cash at $ 24 per share. | |
Mar. | 1 | Issued 16,300 preferred shares for cash at $ 118 per share. | |
Apr. | 1 | Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $ 64,800. | |
May | 1 | Issued 20,900 common shares for cash at $ 17 per share. | |
Aug. | 1 | Issued 1,600 common shares to lawyers in payment of their bill of $ 28,800 for services rendered in helping the company incorporate. | |
Sept. | 1 | Issued 35,000 common shares for cash at $ 16 per share. | |
Nov. | 1 | Issued 1,900 preferred shares for cash at $ 125 per share. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started