Current Attempt in Progress

Sarasota Corporation, a private corporation, was organized on February $1,2023.$ It is authorized to issue $88,800,$$$6$ noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year:

Feb. $10$ Issued $71,040$ common shares at $$4$ per share.

Mar. $1$ Issued $4,440$ preferred shares at $$114$ per share.

Apr. $1$ Issued $19,980$ common shares for land. The land's asking price was $$88,800$ and its appraised value was $$79,920.$

June $20$ Issued $69,264$ common shares at $$4\mathrm{.}50$ per share.

July $7$ Issued $8,880$ common shares to lawyers to pay for their bill of $$39,960$ for services they performed in helping the comp

Sept. $1$ Issued $8,880$ common shares at $$5$ per share.

Nov. $1$ Issued $888$ preferred shares at $$120$ per share.

Journalize the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit

eTextbook and Media

List of Accounts

Open general ledger accounts and post to the shareholders' equity accounts.

$\backslash$table$[[$Preferred Shares$],[$Date$,$Explanation,Ref.,Debit,Credit,Balance$],[$Mar$.1,,J1,,,],[$Nov$.1,,J1,,,],[$Common Shares$],[$Date$,$Explanation,Ref.,Debit,Credit,Balance$],[$Feb$.,10,,$J$1,,,],[$Apr$.1,,J1,,,]]$

Apr. $1$

J$1$

June $20$

J$1$

July $7$

J$1.$

Sept. $1$

J$1$

eTextbook and Media

List of Accounts

Determine the number of shares issued and the average per share amount for both common and preferred shares. $($Round average per share to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

$\backslash$table$[[,$No$.$ of Shares,Average per Share$],[$Preferred shares,,$],[$Common shares,,$]]$

eTextbook and Media

List of Accounts

How many more shares is the company authorized to issue for each class of shares?

The company is authorized to issue an additional preferred shares and an $$ number of $,$ eTextbook and Media

List of Accounts

How many more shares is the company authorized to issue for each class of shares?

authorized to issue an additional $$ preferred shares and an $$ number of common shares.

$$

eTextbook and Media

List of Accounts