Reference no: EM132783659
Covington Ltd. was incorporated as a private company on January 2, 2018, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations:
Jan. 6 Issued 207,000 common shares for $1.50 per share.
12 Issued 55,000 common shares for $1.58 per share.
17 Issued 9,100 preferred shares for $27.00 per share.
18 Issued 490,000 common shares for $2.00 per share.
24 Reacquired 202,000 common shares at $1.90 per share.
31 Issued 10,200 common shares in exchange for $15,300 of legal services.
Problem 1: Record the above transactions.