record all the above journal transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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record all the above journal transactions

Transcribed Image Text:ABC Ltd. was incorporated on January 1, 2022. During the year the company entered into the following
transactions:
Jan 5 Issued 56,000 common shares for $2.50 per share.
Jan 20 Issued 2,500 common shares to settle legal expenses. The value of the legal expenses was
$12,685.
Feb 10 Issued 14,000 preferred shares for $50.00 per share.
Aug 12 Repurchased 17,000 common shares for $2.40 per share.
Oct 1
Issued 5,800 common shares for $2.25 per share.
Dec 31 Repurchased 32,000 common shares for $2.70 per share.
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