Record journal entries for each of unrelated transactions

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Question 1: Record journal entries for each of the following unrelated transactions:

1. On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000.

2. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share.

3. On March 3, Colton Corporation has a Common Share account balance of $200,000, and has 20,000 shares issued. For the first time ever, Colton reacquired and cancelled 1,000 of its common shares, paying $12 a share.

Reference no: EM132508920

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