Essay
On January 1, 2014, Mandy Merchandise Ltd. has 25,000 common shared issued for a total of $62,500, and no other shares or contributed capital. During 2014, Mandy had the following transactions:
Jan 15 Issued 15,000 common shares for $2.50 each.
Mar 31 Settled an account for legal expenses by issuing 2,500 shares. The value of the legal services was $5,000.
Sep 30 Issued 9,000 shares in exchange for equipment with a fair value of $22,500.
Instructions
a. Record the transactions.
b. Calculate the total number issued and average cost per share of the common shares at the end of 2014.
Correct Answer:
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a.
b. Number of shares = 25,...View Answer
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Correct Answer:
Verified
b. Number of shares = 25,...View Answer
Unlock this answer now
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