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please, fix it Cheyenne Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and
please, fix it
Cheyenne Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 81,000 common shares at $5.50 per share. Mar. 1 Issued 4,900 preferred shares at $118 per share. Apr. 1 Issued 23,400 common shares for land. The land's asking price was $140.700 and its appraised value was $128,700, June 20 Issued 77,000 common shares at $5.50 per share. July 7 Issued 10,800 common shares to lawyers to pay for their bill of $59.400 for services they performed in helping the ci Sept. 1 Issued 11,900 common shares at $4.00 per share. Nov. 1 Issued 1,400 preferred shares at $119 per share. Your answer is correct. Journalize the 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. Record journal entries in the order presented in Journalize the 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 10 Cash 445500 Common Shares 44550 (To record issuance of shares.) Mar 1 Cash 578200 Preferred Shares 57820 (To record issuance of shares.) Apr. 1 Land 128700 Common Shares 12870 (To record issuance of shares.) Jun. 20 Cash 423500 Jun 20 Cash 423500 Common Shares 42350 (To record issuance of shares.) July 7 Legal Fees Expense 59400 Common Shares 5940 (To record issuance of shares.) Sep. 1 Cash 47600 Common Shares 4760 (To record issuance of shares.) Nov. 1 Cash 166600 Preferred Shares 16660 (To record issuance of shares.) Your answer is correct. Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref Debit Credit Balance Mar. 1 11 578200 578200 Nov. 1 J1 166600 744800 Common Shares Date Explanation Ref Debit Credit Balance Feb. 10 J1 445500 445500 Apr. 1 11 128700 574200 June 20 J1 423500 997700 July 7 J1 59400 1057100 Sept. 1 31 47600 1104700 X Your answer is incorrect. Determine the number of shares issued and the average per share amount for both common and preferred shares. (Round average per share to 2 decimal places, eg. 52.75.) No. Shares Average per share Preferred Shares 744800 372400 Common Shares 1104700 220940 X Your answer is incorrect. How many more shares is the company authorized to issue for each class of shares? The company is authorized to issue an additional preferred shares and an numberStep by Step Solution
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