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Stake Technology Inc. began a very lucrative consulting operation on March 1, 2014. They are authorized to issue 500,000 shares of $3.00 cumulative preferred shares.
Stake Technology Inc. began a very lucrative consulting operation on March 1, 2014. They are authorized to issue 500,000 shares of $3.00 cumulative preferred shares. They are also authorized to issue 700,000 common shares.
March 4 : Issued 10,000 preferred shares at $5.39 per share for cash.
March 5 : 13,000 of the common shares were issued for a total of $59,800 cash.
March 11 : 11,000 common shares were issued in exchange for land valued at $44,000.
March 26 : 13,000 of the preferred shares were issued for a total of $40,300 cash.
March 28 : Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $60,000.
March 31 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $57,000 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).
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