please do all the questions
$50 each question 1 make the appropriate journal entries. a) Company issued 10,000 $2 preferred shares at worth make the appropriate journal entry. b) company issued 20000 common shares at $4 each for cash c) company issued 500 $2 preferred shares to cover legal expenses $5,000 d) company J purchased a new truck worth $35,000 by issuing 2000 common shares DR CR Date Description e) how many common shares does company J have? f) how much are these common shares worth? g) how many preferred shares does company J have? h) how much are these preferred shares worth? i) how much is the total value of the preferred share dividend? question 2 As of January 1st company 6 has 500,000 common shares issued at $5.00 per share 1000 $2 perferred shares issued at $40 per share the following transactions occurred 03-Jan issued 75000 new common shares to investors for 01-Apr declared cash divided of $0.25 per share 30-Apr paid cash divdend 31-Dec Net income of $300,000 $6.00 per share Description DR Date 03-Jan CR 01-Apr 30-Apr 31-Dec question 3 Company 4 has 1,000,000 common shares 01-Sep the company declares a stock dividend of the company will distribute the stock dividend on to shareholders of record on 03-Sep 5% 15-Sep Share trading prices are as follows. 01-Sep $2.50 03-Sep $3.00 15-Sep $2.75 DR CR Date Description 01-Sep 03-Sep 15-Sep Question 4. LKS itd has the following balances at the beginning of the year $5,000,000 $5 share capital Common shares up to a max 5,000,000 authorized 1,000,000 shares issued at average price per share $250,000 $3 cumulative Preferred shares up to a max 500000 authorized 25,000 shares issued at the average share price $10 550,000 Retained earnings opening balance the following transactions occur during the year a) the board declares a cash dividend of $400,000 (the company failed to pay last years preferred dividend) b) the company pays the cash dividend c) the company does a 2:1 stock split to increase the marketability of the shares d) the company issues preferred shares to the accountant to cover accounting expenses of 100 2000 e) the company makes a net income of $600,000 Date Description DR CR TI c) 1 Prepare a statement of retained earnings for LKS Itd of retained earnings LKS Itd opening balance + net income - cash dividend - stock divdend Closing balance prepare a statement of shareholders equity of shareholders equity LKS Itd share capital common shares issued $3 preferred shares issued Total share capital Retained earnings total shareholders equity what is the average price of the common share? what is the average price of the preferred share? question 5 01-Dec Company Thas the following items on its balance sheet On 500,000 issued shares at a book value of Contributed surplus account has a balance of 3,000,000 $15,000 CR on 11-Dec Company T paid DATE DESCRIPTION 11-Dec/ $80,000 to reaquire DR 20000 shares CR
