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Current Attempt in Progress Larkspur Ltd. was incorporated February 1, 2024, and is authorized to issue an unlimited number of preferred and common shares.
Current Attempt in Progress Larkspur Ltd. was incorporated February 1, 2024, and is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during the year: Feb. 10 Issued 30,200 common shares for $23 per share. Feb. 21 Issued 720 common shares to the company's lawyer as payment for a bill of $18,720 for services performed in helping the company to incorporate. Mar. 16 Sept. 10 Issued 1,200 convertible preferred shares for $95 per share. Issued 5,200 convertible preferred shares for $105 per share. Oct. 1 Converted 1,200 preferred shares into common shares. One preferred share is convertible into 4 common shares. The fair values of the common and preferred shares are $25 and $102 respectively. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answer to O decimal places, e.g. 1525.) Date Account Titles Debit Credit
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