Reference no: EM132634919
Question - Activon Co. was organized on January 1, 2020. It is authorized to issue 110,000 shares of 6%, $100 par value preference shares, and 1,000,000 shares of ordinary shares with a par value of $1 per share. The following share transactions were completed during the first year.
Jan. 10 Issued 100,000 ordinary shares for cash at $8 per share.
Mar. 1 Issued 22,000 preference shares for cash at $130 per share.
Apr. 1 Issued 60,000 ordinary shares for building. The asking price of the building was $200,000; the fair value of the building was $160,000.
May 1 Issued 160,000 ordinary shares for cash at $7 per share.
Aug. 1 Issued 40,000 ordinary shares to lawyer in payment of their fees of $100,000 for services rendered in helping the company organize.
Instructions - Prepare the journal entries to record the above transactions.
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