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Make a record the share transactions

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The Smart Supplies Inc. is operating its business in GTA and producing different products.

The company has authorized share capital of 500,000 common shares and 20,000 preferred, $6 preferred shares. On January 1, 2019, the balance in its shareholders equity includes $200,000 in common shares representing 40,000 shares and $100,000 in preferred shares representing 1,000 shares and retained earnings of $210,000. Profit for the year ending December 31, 2019 was $35,000. No dividends were declared during 2019.

The Smart Supplies Inc. had the following share transactions during the year 2019:

Jan 15 Issued 5,000 common shares for $6 each.

Mar 30 Issued 500 preferred shares for $100 each.

Oct11 Issued 15,000 common shares in exchange for land valued at $93,750

Question 1: You are required to record the share transactions and prepare the equity section of the Smart Supplies Inc. at the end of the year 2019

Reference no: EM132554598

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