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Record the share transactions for flounder corporation

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Reference no: EM132560309

Flounder Corporation was incorporated on January 15, 2021. At that time, the company issued 1,000 common shares at $10 each. Other activity related to shareholder's equity is outlined below.

June 12 Issued 38,330 common shares for cash at $14 per share.

June 30 Issued 2,100 common shares to a law firm in settlement of their bill for $31,130. (Use Legal Fees Expense) On June 30, the shares had a fair value of $13 each.

July 11 Issued 1,400 preferred shares for $42 per share. Each share was convertible into 7 common shares.

Oct.1 Issued 6,000 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $72,580.

Nov. 15 Issued 2,100 preferred shares for $47 per share.Nov.22Preferred shareholders converted 440 of the preferred shares into common shares. The fair values of the common and preferred shares on that day were $12.50 and $46 respectively.

Question 1: Record the share transactions.

Reference no: EM132560309

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