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Create the journal entries to record the transactions

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Question - Grouper Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 105,000 preferred shares with a $7 dividend. The following share transactions were completed during the first year:

Jan. 10 Issued 209,000 common shares for cash at $23 per share.

Mar. 1 Issued 18,000 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 $62,100.

May 1 Issued 21,300 common shares for cash at $16 per share.

Aug. 1 Issued 1,300 common shares to lawyers in payment of their bill of $22,100 for services rendered in helping the company incorporate.

Sept. 1 Issued 34,000 common shares for cash at $15 per share.

Nov. 1 Issued 1,600 preferred shares for cash at $125 per share.

Required - Create the journal entries to record the transactions.

Reference no: EM133017980

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