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Record the given transactions

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    Assignment ID: FG133135166

    Question – Aloue Corp., a publicly traded company, had 2,500 preferred shares issued with a balance of $55,000 and 151,000 common shares issued with a balance of $755,000 at the beginning of the year. The following share transactions occurred during the year:

    June 12 Issued 52,600 common shares for $6 per share.

    July 11 Issued 1,100 preferred shares for $26 per share.

    Oct. 1 Issued 11,000 common shares in exchange for land. The common shares were trading for $7 per share on that date. The fair value of the land was estimated to be $81,800.

    Nov. 15 Issued 22,600 preferred shares for $28 per share.

    Required – Record the above transactions.

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