Yang Inc. was organized on January It is authorized to issue an unlimited number of common shares and preferred shares with a $ dividend. The following share transactions were completed during the first year:
Jan.
Issued common shares for cash at $ per share.
Mar.
Issued preferred shares for cash at $ per share.
Apr.
Issued common shares for land. The asking price for the land was $; its fair value was $
May
Issued common shares for cash at $ per share.
Aug.
Issued common shares to lawyers in payment of their bill of $ for services rendered in helping the company incorporate.
Sept.
Issued common shares for cash at $ per share.
Nov.
Issued preferred shares for cash at $ per share.
Instructions
Prepare the journal entries to record the above transactions.
