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Ivanhoe Ltd. was incorporated on Janua Iy 15, 2024, and was authorized to issue 1,860,000...

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Accounting

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Ivanhoe Ltd. was incorporated on Janua Iy 15, 2024, and was authorized to issue 1,860,000 common shares and an unlimited amount of 13% fixed dividend, cumulative, retractable, non-participating, non-voting preferred shares. During the remainder of 2024 , the company entered into the following transactions: 1. Ivanhoe issued 450,000 common shares in exchange for $7.425,000 in cash. 2 A total of 220,000 preferred shares were issued for $11 a share. 3. A dividend was declared on the preferred shares. 4. A \$0.27 dividend per share was declared on the common shares. 5. The dividend on the preferred shares was paid. 6. The dividend on the common shares was paid. 7. The company had net income of $1.90 million for the year. The closing entries for net income and the dividends declared accounts were prepared. Prepare journal entries to record the above transactions. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 5. 6. 7. (To close income summary) (To close dividends declared)

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