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PREPARE ALL JOURNAL ENTRIES IFRS: Skysong Corporation had the following shareholders' equity on...

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Accounting

PREPARE ALL JOURNAL ENTRIES IFRS:image

Skysong Corporation had the following shareholders' equity on December 31, 2022: The following transactions occurred, in the order given, during 2023: (a) 1,130 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscription contracts, a payment of $22 per subscription was required at the time the subscriptions were sold. (b) As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1,130 subscribers, 100 defaulted and did not make this second payment. (c) The subscription contracts specify that, in the event of default, the first payment will not be refunded to defaulting subscribers. Also, at this time, common shares are issued to subscribers that have fully paid on the contract. (d) Skysong repurchased and cancelled 52,000 common shares at a cost of $4 per share. (e) A cash dividend of $0.25 per share was declared. The date of record was after all of the events above

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