Reference no: EM132978310
Question - Gruber Corporation had the following shareholders' equity on December 31, 2020: $5 Preferred shares, cumulative and fully participating, 9,000 shares issued and outstanding $450,000 Common shares, no par value, unlimited shares $648,000 authorized, 720,000 shares issued and outstanding Contributed surplus - common shares 9,000 Retained earnings 330,500 Total shareholders' equity $1,437,500 The preferred dividends were one year in arrears as of December 31, 2020. The following transactions occurred, in the order given, during 2021:
a) Repurchased and cancelled 10,000 common shares for $1.10 per share.
b) Purchased some new equipment worth $50,000. Instead of paying cash for the equipment, Gruber issued 1,000 preferred shares in payment.
c) Received an invoice from the company's lawyers for legal fees in the amount of $150,000. Paid for the fees by issuing 50,000 common shares.
d) Issued an additional 70,000 common shares at $3.40 per share.
e) Declared but did not pay dividends on all shares currently outstanding on this date. Dividends would be paid in three months' time.
f) Repurchased and cancelled 20,000 common shares at $2.40 per share.
REQUIRED - Prepare the necessary journal entries to record the above transactions.
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