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Record the share transactions

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Question - After incorporation on January 15, 2017, the only share capital issued by the privately-owned Bramble Corporation is 1,000 common shares issued at $10 each. Bramble reports under IFRS although it is allowed to follow ASPE. Other activity related to shareholder's equity is outlined below.

June 12 Issued 41,950 common shares for cash at $15 per share.

June 30 Issued 2,300 common shares to a law firm in settlement of their bill for $36,650. (Use Professional Fees Expense) On June 30, the shares had a fair value of $14 each.

July 11 Issued 1, 200 preferred shares for $44 per share. Each share was convertible into 6 common shares.

Oct. 1 Issued 6,400 common shares in exchange for land. The common shares were trading at $13 per share on that date. The land's fair value was estimated to be $84,000.

Nov. 15 Issued 1,600 preferred shares for $50 per share.

Nov. 22 Preferred shareholders converted 460 of the preferred shares into common shares.

The fair values of the common and preferred shares on that day were $13.5 and $48.43 respectively.

Record the share transactions.

Reference no: EM132514110

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