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  3. urgent!!! allarco inc began a very lucrative cons

urgent!!! Allarco Inc began a very lucrative consulting operation on January 1, 2014 They...

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Accounting

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urgent!!!

Allarco Inc began a very lucrative consulting operation on January 1, 2014 They are authorized to issue 500,000 shares of $3.00 cumulative preferred shares They are also authonzed to issue 600 000 common shares a January 7 8,000 common shares were issued in exchange for land valued at $24,000 0 January 10 Gave the corporation's promoters 7,000 common shares for their services in organizing the corporation The directors valued the services at $48.000 January 12 9.000 of the common shares were issued for a total of $15,300 cash d January 21 Issued 10,000 preferred shares al 53.56 per share for cash. e January 23 8 000 of the preferred shares were issued for a total of $50,400 cash 1 January 31 In addition to the declaration of the annual dividend on the preferred shares, dividends of $19,200 were declared on the common shares today Prepare journal entries for the above transactions, entering the transaction letter as the explanation Also, enter dates in the format dd/mmm (le 15/Jan) General joumal Account/Explanation Page 1 Date F Debit Credit

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