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Pukalani Ltd. was incorporated as a private company on January 2, 2018, and is authorized to issue an unlimited number of common shares and $1

Pukalani Ltd. was incorporated as a private company on January 2, 2018, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations:

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Jan. 6 Issued 189,000 common shares for $1.50 per share. 12 Issued 45,000 common shares for $1.60 per share. 17 Issued 10,700 preferred shares for $27.00 per share. 18 Issued 486,000 common shares for $2.00 per share. 24 Reacquired 184,000 common shares at $1.90 per share. 31 Issued 10,300 common shares in exchange for $15,450 of legal services. Record the above transactions. (Round average cost per share to 3 decimal places, e.g. 1.246 Date Account Titles and Explanation Debit Credit Jan. 6 Cash 283500 Common Shares 283500 Jan. 12 Cash 72000 Common Shares 72000 Jan. 17 Cash 288900 Preferred Shares 288900 Jan. 18 Cash 972000 Common Shares 972000 X Jan. 24 Common Shares 345920 > Retained Earnings 3680 Cash 349600

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