Reference no: EM133119226
Question - Presented below is information related to Rodney Corp.:
1. Rodney is granted a charter that authorizes issuance of 100,000 no par value preferred shares and an unlimited number of no par value common shares.
2. 10,000 common shares are issued for land with a fair value of $420,000.
3. 3,000 preferred shares are sold for cash at $150 per share.
4. Rodney issues 100 common shares to its lawyer for costs associated with starting the company. At this time, the common shares are selling at $42 per share.
5. Rodney reacquired 6,000 shares at $45 per share.
6. Rodney issues shares on a subscription basis, giving each subscriber the right to purchase 300 common shares at a price of $ 65 per share. Fifty individuals accept the company's offer and agree to pay 50% down.
7. The final payment (for the subscriptions) is received and the shares are issued.
Required - Prepare the required general journal entries to record these transactions.
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