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Junot Corp., a publicly traded company, had 2,500 preferred shares issued with a balance of $55,000 and 149,000 common shares issued with a balance of
Junot Corp., a publicly traded company, had 2,500 preferred shares issued with a balance of $55,000 and 149,000 common shares issued with a balance of $745,000 at the beginning of the year. The following share transactions occurred during the year: June 12 July 11 Oct. 1 Nov. 15 Issued 46,300 common shares for $6 per share. Issued 1,100 preferred shares for $25 per share. Issued 10,500 common shares in exchange for land. The common shares were trading for $7 per share on that date. The fair value of the land was estimated to be $78,000. Issued 23,600 preferred shares for $29 per share. Record the above 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 o for the amounts.) Date Account Titles and Explanation Debit 277800 June 12 Cash Common Shares 277800 July 11 Cash 27500 Preferred Shares 27500 Oct. 1 Land 78000 Common Shares 78000 Nov. 15 - Cash 684400 Preferred Shares 684400 Calculate the number of shares and balance in the account for each of the preferred and common shares at the end of the year. Number of shares Balance in accounts (1) Preferred shares (2) Common shares
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