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Complete the following journal entries for the following corporation. The Wetland Corporation was organized on January 1, 2003. It is authorized to issue 10,000 shares
Complete the following journal entries for the following corporation. The Wetland Corporation was organized on January 1, 2003. It is authorized to issue 10,000 shares of 8% no par value preferred shares and 500,000 shares of no par value common shares with a stated value of $2 per share. The following transactions were completed during the first year of operation: Jan 10 Issued 80,000 common shares for cash at $3 per share. Mar 1 Issued 5,000 preferred shares for cash at $105 per share. Apr 1 Issued 24,000 common shares for land. The asking price of the land was $90,000. The fair market value of the land was $80,000. The market value of the common shares was $3.50 per share on this date. June 20 Issued 80,000 common shares for cash at $4 per share. Aug 1 Issued 10,000 common shares to lawyers in payment of their bill of $50,000 for services rendered in helping the company incorporate. The market value of the common shares was $5 on this date. Sept 1 Issued 10,000 common shares for cash at $5 per share. Nov 1 Issued 1,000 preferred shares for cash at $108 per share
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