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what will be posted on its t accounts ??? The following selected transactions occurred during 2021: Jan. 2 Issued 200,000 preferred shares at $25 per
what will be posted on its t accounts ???
The following selected transactions occurred during 2021: Jan. 2 Issued 200,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the fair value of the land was $209,000. The common shares have not recently traded, but the last time they traded, they sold for $2.5 per share. Mar. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20 , payable April 2. Apr. 18 Issued 410,000 common shares at $3 per share. June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Sept: 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Oct: 4 Issued 43,000 preferred shares at $25 per share. Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. 14 Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31 , payable January 10. Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20 , payable Janu 14 Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31 , paya 10. 31 Net income for the year was $1.07 million. Question 3 of 6 4.15/20 Preferred Shares \begin{tabular}{l} Feb. 8> Land \\ \hline \begin{aligned} CommonShares \\ \hline\end{aligned} \\ \hline \end{tabular} No Entry Apri 2 Dividends Payable 50,000 Question 3 of 6 4.15/20 1,230,000 Common Shares 1,230,000 lune 5 Dividends Dedared 50,000 Dividends Payable June 20 NoEntry No Entry Dividends Payable 50,000 Cash sept. 5 Dividends Dedared 50,000 Dividends Payable No Entry 4.15/20 Question 3 of 6 Dividends Payable No Entry NoEntry Oct1 Dividends Payable 50,000 Cash 50,000 Oct 4 Cash 1,075,000 Preferred Shares 1,075,000 Dividends Pryable Dec14 Dividends Dedared 1,790,000 Dividends Payable Closing entries: Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Step by Step Solution
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