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Rouda Incorporation in its first year of operations recorded the following transactions in respect of its shareholders' equity. The authorized share capital was 16 million
Rouda Incorporation in its first year of operations recorded the following transactions in respect of its shareholders' equity. The authorized share capital was 16 million common shares at $1 par per share, and 2 million preferred shares, $50 par per share. Jan 10 Sold 4 million common shares, for $18 per share. 12 Issued 80,000 common shares for $18 per share to a lawyer in exchange for his legal services. 15 Sold 160,000 of its common shares for $18 per share and 8,000 preferred shares for a total of $1,890,000. 28 Issued 760,000 of its common shares in exchange for factory machinery for which the cash price was known to be $7,376,000. Required: Prepare the journal entries to record the above transactions using the table below
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