SUMCma YY WIII IIO

IMI hinctQuestion D

Company Y already has

$200,000$ common shares issued for $$2$ each.

$10,000$ $$3$ preferred shares for $$25$ each.

a$)$ Company Y issued $7,500$ $$3$ preferred shares at $$30$ each.

b$)$ Company Y issued $100,000$ common shares at $$3$ each for cash.

c$)$ Company Y issued $100$ $$3$ preferred shares to cover legal expenses of $$1,000.$

d$)$ Company Y purchased new equipment worth $$35,000$ by issuing $2000$ common shares.

Make the appropriate journal entries.

Date Description DR CR

a$)$

b$)$

c$)$

d$)$

e$)$ How many common shares does company Y have?

f$)$ How much are these common shares worth?

g$)$ How many preferred shares does company Y have?

h$)$ How much are these preferred shares worth?

i$)$ What is the preferred dividend?