Nevada Corporation Was a Private Corporation Created on January 2,2014 $\quad$

question 179

Essay

Nevada Corporation was a private corporation created on January 2,2014.The articles of incorporation from the Government of Canada authorize Nevada Corporation to issue an unlimited number of common shares and 500,000 shares of $0.50 preferred shares.The company had the following transactions:
2014
Jan. 2 $\quad$ Gue 5,060 common shares to the corporation's legal firm for incorporating the business. The total legal fee was $\$ 5,000$ .
3 $\quad$ Issued 200,000 common shares for cash at $\$ 1$ per share.
4 $\quad$ Issued 10,000 preferred shares for cash at $\$ 10$ per share.
4 $\quad$ Exchanged $50,000 cash and 200,000 common shares for a building with a market value of $\$ 260,000$ .
Dec. 31 $\quad$ Close Income Summary to Retained Earnings assuming that Nevada had $\$ 63,000$ of net a_Journalize the above transactions.Explanations are not needed.
b_Prepare the shareholders' equity section of the balance sheet as of the close of business on December 31,2014.
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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Competitive Markets

Markets where numerous producers and consumers interact, leading to efficient distribution of goods and services and price determination through supply and demand.

Supply and Demand

A fundamental economic model that describes how prices and quantity of goods and services are determined in a market.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, causing the market to be in a state of balance.