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(Solved): Novak Inc. was organized on January 1, 2023. It is authorized to issue an unlimited number of comm ...



Novak Inc. was organized on January 1, 2023. It is authorized to issue an unlimited number of common shares and 107,000 prefe

Novak Inc. was organized on January 1, 2023. It is authorized to issue an unlimited number of common shares and 107,000 preferred shares with a dividend. The following share transactions were completed during the first year: Jan. Issued 203,000 common shares for cash at per share. Mar. 1 Issued 17,600 preferred shares for cash at per share. Apr. 1 Issued 3,000 common shares for land. The asking price for the land was ; its fair value was . May 1 Issued 20,600 common shares for cash at per share. Aug. 1 Issued 1,700 common shares to lawyers in payment of their bill of for services rendered in helping the company incorporate. Sept. 1 Issued 35,000 common shares for cash at per share. Nov. 1 Issued 1,100 preferred shares for cash at per share. Prepare the joumal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)


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Answer is provided with working is as follow Journal Entry Date Account title and Explanation DebitCreditWorking 202310-JanCash $
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