The Following Selected Transactions Pertain to the Saturn Corporation

question 24

Essay

The following selected transactions pertain to the Saturn Corporation:
Aug 20 Issued 20,000 common shares for $ 32 cash per share.
Nov 3 Issued 800 common shares in exchange for machinery required for the shop with an appraised value of $ 60,000. Saturn Corporation's common shares have been actively traded on the Toronto Stock Exchange at $ 78 per share.
Instructions
Journalize the transactions.

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Definitions:

Recently Declared

Refers to a statement, dividend, or decision that has been announced or made public by a company or governing body in the near past.

Preferred Stock

A class of ownership in a corporation that has a higher claim on its assets and earnings than common stock, typically with fixed dividends.

Annual Return

The percentage gain or loss on an investment over a one-year period, reflecting the compound rate of return.

Dividend

A portion of a company's earnings distributed to its shareholders, typically in the form of cash or additional stock.