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Barton Corporation was authorized to issue 450,000$2.00 preferred shares and 600,000 common shares. During August...

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Accounting

Barton Corporation was authorized to issue 450,000$2.00 preferred shares and 600,000 common shares. During August 2023, their first month of operations, the following selected transactions occurred:
a. August 2 : Issued 11,000 common shares at $5.00 per share for cash.
b. August 6 : Issued 11,000 preferred shares at $3.00 per share for cash.
c. August 13:14,000 common shares were issued in exchange for land valued at $42,000.
d. August 16:9,000 preferred shares and 11,000 common shares were issued at $9.00 and $5.00, respectively; cash.
e. August 18 : Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $28,000.
f. August 20:9,000 of the preferred shares were issued for a total of $45,000 cash.
g. August 28:12,000 of the common shares were issued for a total of $36,000 cash.
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