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Rakai Corporation, a public corporation reporting under IFRS, reported the following selected transactions during 2020 (its first year of operation): Jan 1 Issued 20,000 common shares at $15 per share.Jun 15 Issued 2,000 common shares with a market price of $14 per share in exchange for equipment that had a fair market value $27,000.Sep 30 The Board of Directors declared a 10% common stock dividend. The market price of the common shares on this date was $12 per share.Oct 10 The 10% common stock dividend was distributed.Nov 30 The Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on December 15. The dividend was paid on December 20.
Instructions:
Problem 1: Prepare the journal entries to record the above transactions.
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