Lee Holdings Ltd

question 8

Essay

Lee Holdings Ltd. was incorporated on January 2, 2021 and on that date issued 50,000 common shares for cash at $ 1 each. On April 30, Lee issued 1,000 preferred, $ 3 cumulative preferred shares, convertible to common shares at the rate of 6 common shares for one preferred share. The preferred shares were issued for $ 18 each. On October 15, 600 of the preferred shares were converted to common shares. On that date, the market value was $ 1.50 for the common shares and $ 17.50 for the preferred shares. On December 15, 10,000 common shares were reacquired for $ 0.90 each.
Instructions
a) Journalize the share transactions described.
b) Calculate the number of issued shares and average per share amount of each class remaining at the end of the year.

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Definitions:

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