Question 1 [20 points]

Vision Consulting Inc. began a very lucrative consulting operation on June 1, 2014. They are authorized to issue 450,000 shares of $2.00 cumulative preferred shares. They are also authorized to issue 700,000 common shares.

Question 1 (20 points] Vision Consulting Inc. began a very lucrative consulting operation on June 1, 2014. They are authorized to issue 450,000 shares of $2.00 cumulative preferred shares. They are also authorized to issue 700,000 common shares. a. June 2: 7,000 of the preferred shares were issued for a total of $49,700 cash. b. June 5 : 5,000 of the common shares were issued for a total of $25,000 cash. C. June 6: Issued 5,000 preferred shares at $2.91 per share for cash. d. June 9: Gave the corporation's promoters 9,000 common shares for their services in organizing the corporation. The directors valued the services at $21,000. e. June 14: 13,000 common shares were issued in exchange for land valued at $26,000. f. June 30: In addition to the declaration of the annual dividend on the preferred shares, dividends of $18,900 were declared on the common shares today. Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page Gj1 Date F Debit Credit + = + - + - Official T 12.12.21 CUDIT ADID Cor AMD CLO