Lake Ltd. was incorporated July 1, 2013. The company is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during its fiscal year ending June 30, 2014:
Jul 10 Issued 100,000 common shares for $12.50 per share.
Jul 15 Issued 400,000 common shares for $13 per share.
Sep 30 Issued 30,000 common shares in return for a warehouse. The common shares were trading for $15.50 on the date the warehouse was acquired. The assessed value of the warehouse on that date was $450,600.
Mar 16 Issued 1,000 preferred shares for $95 per share.
Instructions
Record the above transactions.

Question

Quizplus · Accepted Answer

The Answer of Lake Ltd. was incorporated July 1, 2013. The company is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during its fiscal year ending June 30, 2014:
Jul 10 Issued 100,000 common shares for $12.50 per share.
Jul 15 Issued 400,000 common shares for $13 per share.
Sep 30 Issued 30,000 common shares in return for a warehouse. The common shares were trading for $15.50 on the date the warehouse was acquired. The assessed value of the warehouse on that date was $450,600.
Mar 16 Issued 1,000 preferred shares for $95 per share.
Instructions
Record the above transactions.

Lake Ltd Was Incorporated July 1, 2013