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I need 2nd question (requirement 6) answer PART4: cORPORATIONS-SECTION A (17 MARKs) St, Joseph Ltd. was incorporated on January 4,2017 and is authorized to issue
I need 2nd question (requirement 6) answer PART4: cORPORATIONS-SECTION A (17 MARKs) St, Joseph Ltd. was incorporated on January 4,2017 and is authorized to issue an unlimited number common shares and an unlimited number of $5 noncumulative preferred shares. The company tered into the following transactions during the year Jan 6 Issued 9,000 common shares for $12 per share. an 10 Issued 450 common shares to the companys accountants as payment for a bill of $8,000 for services performed in helping the company to incorporate. The most recent value of St. Joseph's shares was on the issuance dated January 6. Mar 22 Issued 400 convertible preferred shares for $52 per share. May 1 Issued 1,000 convertible preferred shares for $68 per share. Dec 12 Converted 500 preferred shares into common shares. One preferred share is 3 convertible into 1,000 common shares. The fair value of the common and preferred shares are $26 and $72 respectively. Requirement 5 (10 marks): Prepare the journal entries to record the above transactions Requirement 6 (7 marks): Prepare a partial balance sheet (in good format) for St. Joseph Company at December 31, 2017 highlighting the shareholders' equity section. Assume the company reported net income of $78,000 in its first year of operations
I need 2nd question (requirement 6) answer
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