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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

McGregor Corporation Is Authorized to Issue an Unlimited Number of Common