Reference no: EM132998768
Exercise 1 - Viking Corporation is authorized to issue an unlimited number of common shares and 1,000,000 shares of preferred shares. During 2020, its first year of operation, the company had profit of $200,000. The following share transactions occurred:
Jan 1 Paid the province $2,000 for incorporation fees.
Jan 15 Issued 500,000 of $1 cumulative preferred shares at $7 per share.
Jan 30 Lawyers for the company accepted 500 common shares as payment for legal services provided in helping the company incorporate. The legal services are estimated to have a value of $5,000. The shares were actively trading at $10.50 per share.
Jul 2 Issued 100,000 common shares for land. The land had an asking price of $900,000. The shares are currently selling on a provincial exchange at $8 per share.
Instructions - Journalize the transactions for Viking Corporation.
Exercise 2 - The following selected transactions pertain to the Alvi Corporation:
Jan 3 Issued 100,000 common shares for $25 cash per share.
Feb 10 Issued 6,000 common shares in exchange for special purpose equipment appraised at $159,000. Alvi's Corporation's common shares have been actively traded on the stock exchange at $27 per share.
Instructions - Journalize the transactions.
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