Wetland Corporation was organized on June 1, 2009. It is authorized to issue an unlimited number of no par value $4 cumulative preferred shares and an unlimited number of no par value common shares. The following share transactions were completed during the company’s first year of operations:
June 5 Issued 80,000 common shares for $5.20 per share.
Aug. 21 Issued 5,000 preferred shares for $55 per share.
Sept. 15 Issued 22,000 common shares in exchange for land. The asking price of the land was $100,000. The common shares were trading for $5.45 per share on this date.
Nov. 20 Issued 78,000 common shares for $5.70 per share.
Jan. 12 Repurchased 80,000 common shares for $5.20 per share.
Mar. 9 Issued 10,000 common shares for $6.20 per share.
Apr. 16 Issued 2,000 preferred shares for $66 per share.
May 15 Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on May 30, payable on June 10.
31 Reported net earnings of $515,000 for the year.
please find the entry for jan 12.
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