Essay
RD Holdings Ltd. which has authorized share capital of an unlimited number of common shares, and no other authorized classes of shares, had the following share transactions during 2014, its first year of operations:
Jan 2 Issued 30,000 common shares at $0.10 each.
Jan 15 Issued 50,000 common shares to Roy Daines in exchange for management services valued at $5,000.
Jan 31 Issued 1,000,000 common shares to Rachel Daines in exchange for merchandise inventory valued at $15,000, land valued at $30,000 and a building valued at $55,000.
Mar 31 Issued 60,000 to Gilmore Law Firm in exchange for legal services. It is assumed that the market price of RD Holding's shares is unchanged since January 2.
Dec 1 Reacquired the shares held by Gilmore Law Firm for $0.25 per share.
Instructions
Record the 2014 share transactions.
Correct Answer:
Verified
Correct Answer:
Verified
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