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Marigold Limited has been authorized to issue 20,700 103 par value, 10%, non-cumulative preference shares and 958,976 no-par ordinary shares. The corporation assigned a 2.56

Marigold Limited has been authorized to issue 20,700 103 par value, 10%, non-cumulative preference shares and 958,976 no-par ordinary shares. The corporation assigned a 2.56 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity.

Share CapitalPreference 121,540
Share PremiumPreference 14,460
Share CapitalOrdinary 958,976
Share PremiumOrdinary 1,858,300
Treasury SharesOrdinary (900 shares) 8,100
Share PremiumTreasury 900
Retained Earnings 81,300

The preference shares were issued for land having a fair value of 136,000. All ordinary shares issued were for cash. In November, 1,350 ordinary shares were purchased for the treasury at a per share cost of 9. In December, 450 treasury shares were sold for 11 per share. No dividends were declared in 2017.

Prepare the journal entries:

(1) Issuance of preference shares for land.
(2) Issuance of ordinary shares for cash.
(3) Purchase of treasury shares (ordinary) for cash.
(4) Sale of treasury shares for cash.

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