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Wetland Corporation A Publicly Traded Company Was Organized On June
Wetland Corporation A Publicly Traded Company Was Organized On June
Wetland Corporation A Publicly Traded Company Was Organized On June
Sept. 15 Issued 22,000 common shares in exchange for land. The asking price of the land was
$100,000 and the fair value was $95,000. The common shares were trading for $4.25 per share
on this date.
Jan. 12 Reacquired and retired 80,000 common shares for $4 per share. (Round the average
cost per share to the nearest cent).
May 15Declared the annual preferred dividend to the preferred shareholders, to shareholders of
record on May 30, payable on June 10.
Instructions
(a) Record the above transactions for the year ended May 31, 2012, including any required
closing entries.
(c) Prepare the shareholders' equity section of the statement of financial position at May 31,
2012.
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Wetland Corporation a publicly traded company was organized on June
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