Preferred Common Liabilities Shares Shares Earnings Assets Income $520,000 NE NE $320,000 $200,000 NE P11-28 Wetland Corporation, a publicly traded company, was organized on June 1, 2017. It is authorized to issue an Record and post equty unlimited number of $4 cumulative preferred shares and an unlimited number of common shares. The following share transactions prepare transactions were completed during the company's first year of operations: lune 5 Issued 240,000 common shares for $4 per share Aug. 21 Sept. 15 Issued 60,000 common shares in exchange for land. The asking price of the land was $300,000 and shareholders' equity section L0 2,3,4) Issued 15,000 preferred shares for $100 per share. the current value was $285,000. The common shares were trading for $4.25 per share on this date. Oct. 20 Reacquired and retired 20,000 common shares for $4 per share Nov. 20 Issued 220,000 common shares for $4.95 per share Mar. 9 Reacquired and retired 25,000 common shares for $5 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction. Issued 6,000 preferred shares for $100 per share. Declared the annual preferred cash dividend to the preferred shareholders, to shareholders of record on May 30, payable on June 10. Apr. May 16 15 31 Reported net income of $250,000 for the year (a) Record the above transactions for the year ended May 31, 2018, including any required entries to close dividends declared and net income (b) Open T accounts and post to the shareholders' equity accounts (c) Prepare the shareholders equity section of the statement of financial position at May 31 P11-38 Ujial Corporation, a publicly traded company, is authorized to issue an unlimited number of S5 noncumulatip oot O lype hene to search ta-7-4 Preferred Common Liabilities Shares Shares Earnings Assets Income $520,000 NE NE $320,000 $200,000 NE P11-28 Wetland Corporation, a publicly traded company, was organized on June 1, 2017. It is authorized to issue an Record and post equty unlimited number of $4 cumulative preferred shares and an unlimited number of common shares. The following share transactions prepare transactions were completed during the company's first year of operations: lune 5 Issued 240,000 common shares for $4 per share Aug. 21 Sept. 15 Issued 60,000 common shares in exchange for land. The asking price of the land was $300,000 and shareholders' equity section L0 2,3,4) Issued 15,000 preferred shares for $100 per share. the current value was $285,000. The common shares were trading for $4.25 per share on this date. Oct. 20 Reacquired and retired 20,000 common shares for $4 per share Nov. 20 Issued 220,000 common shares for $4.95 per share Mar. 9 Reacquired and retired 25,000 common shares for $5 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction. Issued 6,000 preferred shares for $100 per share. Declared the annual preferred cash dividend to the preferred shareholders, to shareholders of record on May 30, payable on June 10. Apr. May 16 15 31 Reported net income of $250,000 for the year (a) Record the above transactions for the year ended May 31, 2018, including any required entries to close dividends declared and net income (b) Open T accounts and post to the shareholders' equity accounts (c) Prepare the shareholders equity section of the statement of financial position at May 31 P11-38 Ujial Corporation, a publicly traded company, is authorized to issue an unlimited number of S5 noncumulatip oot O lype hene to search ta-7-4
