Question 3 Page Ltd. was incorporated as a private company on January 2, 2018, a

Question

Question 3 Page 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 197,000 common shares for $1.50 per share. 12 Issued 50,000 common shares for $1.81 per share. 17 Issued 10,200 preferred shares for $26.00 per share 18 Issued 453,000 common shares for $2.00 per share 24 Reacquired 190,000 common shares at $1.90 per share 31 Issued 9,000 common shares in exchange for $13,500 of legal services. Your answer is partially correct. Try again. Record the above transactions. (Round average cost per share to 3 decimal places, e.g. 1.246. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entr account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Jan. 6 sh 295500 Common Shares 2955 an. 12 sh 90500 Common Shares 905 Jan. 17 265200 Preferred Shares Jan. 18 sh 906000 Common Shares an. 24 Shares 347059 Retained Earnings 13941 Cash Jan. 31Professional Fees Expense 13500 Common Shares 135

Explanation / Answer

197000 1.5 295500 50000 1.81 90500 453000 2 906000 700000 1.846 1292000 190000 1.846 350740 Journal entry Common shares 350740 Retained earnings 10260               Cash 361000

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