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Prepare journal entries to record transactions for oakridge

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Reference no: EM132810087

Oakridge Ltd., a public corporation reporting under IFRS, was incorporated on January 1, 2020. The company completed the following transactions during its first year:

Jan 5 Issued 50,000 common shares for $2.50 per share.
Jan 20 Issued 3,000 common shares to pay legal expenses. The value of the legal expenses was $10,000. The common shares were trading at $5 per share on the stock market at the time.
Feb 10 Issued 10,000 preferred shares for $30.00 per share.
Aug 12 Reacquired 15,000 common shares for $2.40 per share.
Oct 1 Issued 5,000 common shares for $2.25 per share.
Dec 15 Reacquired 20,000 common shares for $2.65 per share.

Instructions:

Problem 1: Prepare the journal entries to record the above transactions.

Reference no: EM132810087

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