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PUKALANI Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of...

PUKALANI Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year.

Jan. 1 Issued 77,000 common shares for cash at $3 per share.
Mar. 1 Issued 12,400 preferred shares for cash at $56 per share.
May 1 Issued 123,000 common shares for cash at $5 per share.
Sept. 1 Issued 4,500 common shares for cash at $6 per share.
Nov. 1 Issued 2,900 preferred shares for cash at $58 per share.
Dec. 1 Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019.
Dec. 31

Reported net income of $126,000 for the year.

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ekkarill92 answered 2 years ago
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