Question
Fast Cars inc. was authorized to issue 50,000$1.50 preferred sheres and 300,000 common shares. During 2023, is first year of operations, the following selected transactions
Fast Cars inc. was authorized to issue
50,000$1.50
preferred sheres and 300,000 common shares. During 2023, is first year of operations, the following selected transactions occurred.\ 1af. 1 4, see of the preferred shares were 1ssued at $12.8a per share; cash.\ feb. 5 15, eeb of the comon shares ware issued fur a total of $123, ase; cash.\ Mar. 28 , ebe of the comon shares were diven to the organizars of the corporation regarding thelr efforts. The shares were valusd at o total of
$78,390
.\ May as 11,59 preferred shares and 17,509 camon shares ware 1 ssued at 513.20 and 59,49 fespectively: cash.\ Det. 31 The Incone Suvnary account was clowed; It showed a debst bulance of $124, 008 . Deceabar 31 is Fast car's year-end.
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