Read and analyse the following transactions. Below each item, write the journal entries. On a separate sheet of paper, prepare T Account for the following: CASH, SUBSCRIPTION RECEIVABLE, LABD, BUILDING, SUBSCRIBED SHARE-COMMON, SUBSCRIBED SHARE-PREFERRED, COMMON STOCK, PREFERRED STOCK, SHARE PREMIUM-COMMON STOCK, SHARE PREMIUM-PREFERRED SCTOK, RETAINED EARNINGS.

After summarising the T accounts, prepare the Contributed Capital section of the Shareholder's Equity. Please be guided with the PPT uploaded in the Virtual Week 3 content.

The following transactions relate to the stockholder's equity transactions of Lyndsay Corporation for 2020, its first year of operation. Articles of Incorporation are filed with the state.

Authorized Shares : 6% Preferred Stock, par value $5010,000 shares

Common Stock, par value $1200,000 shares

Jan 2840,000 shares of common stock are issued for $15 per share.

Feb 370,000 shares of common stock are issued in exchange for land and building that have a market value of $500,000 and $1,000,000 respectively. There is no reliable market value available for the stocks.

Feb 242,000 shares of common stock are issued to the company's lawyer in payment for legal services rendered in connection with corporation. The companycharged the amount to the organisation costs. The market value of the stock at the time of exchange was $17/share.

Sept 12Received subscription for 1,000 preferred stock at $61 per share. A 40% down payment accompanied the subscriptions. The balance is due on November 1, and shares are not issued until fully paid.

Oct 1Declared and paid dividends of $3 per share for preferred stock, and $0.25 per share for common stock. (Debit Retained Earnings; Credit Cash)

Nov 1Received the full payment for all 1,000 shares subscribed stock. Preferred Stocks were issued.

Requirement:

1. Analyze the following transactions.

2.Journalize the transactions (10 pts)

3. Post transactions in the Ledger(T-Accounts)

4.Prepare the Contributed Capital Section of the Shareholder's Equity. (10 pts)