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What are the journal entries to record the transaction

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Reference no: EM132806841

Rakai Corporation, a public corporation reporting under IFRS, reported the following selected transactions during 2020 (its first year of operation):

  • Jan 1 Issued 20,000 common shares at $15 per share.
  • Jun 15 Issued 2,000 common shares with a market price of $14 per share in exchange for equipment that had a fair market value $27,000.
  • Sep 30 The Board of Directors declared a 10% common stock dividend. The market price of the common shares on this date was $12 per share.
  • Oct 10 The 10% common stock dividend was distributed.
  • Nov 30 The Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on December 15. The dividend was paid on December 20.

Instructions:

Problem 1: What are the journal entries to record the above transactions?

Reference no: EM132806841

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