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Bramble Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 90,000 preferred shares with a
Bramble Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 90,000 preferred shares with a $ 6 dividend. The following share transactions were completed during the first year: Jan. 10 Issued 220,000 common shares for cash at $ 24 per share. Mar. 1 Issued 16,800 preferred shares for cash at $ 117 per share. Apr. 1 Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $ 60,100. May 1 Issued 21,700 common shares for cash at $ 18 per share. Aug. 1 Issued 1,100 common shares to lawyers in payment of their bill of $ 20,900 for services rendered in helping the company incorporate. Sept. 1 Issued 35,000 common shares for cash at $ 15 per share. Nov. 1 Issued 1,100 preferred shares for cash at $ 122 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 10 4 Mar. 14 Apr. 1 May 14 Aug. 1 4 Sept. 14 Nov. 1
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