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McGregor Corporation Is Authorized to Issue an Unlimited Number of Common

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McGregor Corporation is authorized to issue an unlimited number of common shares and 500,000 shares of preferred shares. During 2021, its first year of operation, the company had profit of $ 305,000. The following share transactions occurred: McGregor Corporation is authorized to issue an unlimited number of common shares and 500,000 shares of preferred shares. During 2021, its first year of operation, the company had profit of $ 305,000. The following share transactions occurred:   Instructions  a) Journalize the transactions for McGregor Corporation assuming the company follows IFRS. b) Prepare the shareholders' equity section of the balance sheet at December 31, 2021. Instructions
a) Journalize the transactions for McGregor Corporation assuming the company follows IFRS.
b) Prepare the shareholders' equity section of the balance sheet at December 31, 2021.

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Definitions:

Oxaloacetic

Relating to oxaloacetic acid, a four-carbon molecule critical in the citric acid cycle for energy production within cells.

Acetyl-CoA

is an important molecule that plays a central role in metabolism, acting as a substrate for the citric acid cycle and fatty acid synthesis.

Carbohydrates

Organic compounds consisting of carbon, hydrogen, and oxygen, serving as a major energy source for the body and include sugars, starches, and fibers.

Structural Components

Basic building blocks or elements that make up a physical structure or system.

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