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In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares: Jan 1 Issued 5,000 shares for cash at

In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares:

Jan 1 Issued 5,000 shares for cash at $45 per share.

Jul 1 Issued 3,000 shares for cash at $43 per share.

Dec 1 Issued 6,000 shares for the acquisition of land. The land has a fair value of $180,000 and the shares are currently trading at $46 each.

If Wiley Ltd is preparing statements in accordance with International Financial Reporting Standards (IFRS), the sum of the entries for the first year would be:

Question 39 options:

Total debit to assets of $534,000, total credit to common shares of $534,000

Total debit to assets of $514,000, total credit to common shares of $514,000

Total credit to assets of $530,000, total debit to common shares of $530,000

Total credit to assets of $514,000, total debit to common shares of $514,000

None of the above

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