Question
GOLDEN Corporation was organized on January 1, 2018. It is authorized to issue 22,000 shares of $3-noncumulative preferred shares and an unlimited number of common
GOLDEN Corporation was organized on January 1, 2018. It is authorized to issue 22,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round average cost per share to 2 decimal places, e.g. 2.55 and answers to the nearest dollar e.g. 5,121. 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.)
Jan. | 1 | Issued 78,000 common shares for cash at $3 per share. | |
Mar. | 1 | Issued 12,900 preferred shares for cash at $57 per share. | |
May | 1 | Issued 122,000 common shares for cash at $5 per share. | |
Sept. | 1 | Issued 4,900 common shares for cash at $6 per share. | |
Nov. | 1 | Issued 2,800 preferred shares for cash at $59 per share. | |
Dec. | 1 | Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019. | |
Dec. | 31 | Reported net income of $150,000 for the year. |
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