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Victoria spa is a private company that follows ASPE. has been authorized to issue an...

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Accounting

Victoria spa is a private company that follows ASPE. has been authorized to issue an unlimited number of common shares and 50000 preferred shares. The dividend rate for the preferred shares is $3 per share. These transactions took place during 2020 in relation to these shares.
September 24- Victoria spa issued 2000 common and 1000 preferred shares for a total of $200000. Victoria Spa was unable to estimate afair value of the preferred shares, however the value of common share is $52 per share.
Nov 24- the company has offered their senior manager a compensation incentive which entails the oppurtunity to purchase 500 common shares for $52 to be paid by Dec. 31,2021. The manager has accepted and signed a note payable. YouU do not need to account for interest. The shares were issued immendiately.
Dec 31- of the subscriptions issued on Feb 20,2 subscribers defaulted meanwhile the rest paid in full. The company policy is that defaulting subscribers would not be issued shares for any amount that had beed paid and no cash would be refunded.
Dec 31.- the company declared a dividend of $200000 for 2020.
PREPARE THE JOURNAL ENTRIES TO RECORD THE TRANSACTIONS FOR THE YR.

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