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Yang Inc. was organized on January 1,2023. It is authorized to issue an unlimited number...

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Accounting

Yang Inc. was organized on January 1,2023. It is authorized to issue an unlimited number of common shares and 100,000 preferred shares with a $4 dividend. The following share transactions were completed during the first year:
Jan.
10
Issued 200,000 common shares for cash at $23 per share.
Mar.
1
Issued 17,000 preferred shares for cash at $119 per share.
Apr.
1
Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $60,000.
May
1
Issued 20,000 common shares for cash at $18 per share.
Aug.
1
Issued 1,000 common shares to lawyers in payment of their bill of $19,000 for services rendered in helping the company incorporate.
Sept.
1
Issued 32,500 common shares for cash at $16 per share.
Nov.
1
Issued 1,500 preferred shares for cash at $125 per share.
Instructions
Prepare the journal entries to record the above transactions.

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