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Prepare the shareholders equity section of the balance sheet

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Reference no: EM132965161

Orleans Corporation is authorized to issue an unlimited number of common shares and 2,000,000 shares of preferred shares. During 2023, its first year of operation, the company had profit of $250,000. The following share transactions occurred:

Jan 1 Paid the province $ 2,250 for incorporation fees.

Jan 15 Issued 600,000 of $ 1 cumulative preferred shares at $9 per share.

Jan 30 Lawyers for the company accepted 1,000 common shares as payment for legal services provided in helping the company incorporate. The legal services are estimated to have a value of $8,000. The shares were actively trading at $10.25 per share.

Jul 2 Issued 100,000 common shares in exchange for land. The land had an asking price of $975,000. The shares were currently selling on a provincial exchange at $10 per share.

Instructions

Problem a) Journalize the transactions for Orleans Corporation.

Problem b) Prepare the shareholders' equity section of the balance sheet. Orleans has a December 31 year-end.

Reference no: EM132965161

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