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Icandoit Corporation, a publicly traded company which follows IFRS, has the following items in shareholders' equity as at December 31, 2014:
Total Shareholder's Equity
$6,203,700
The following transactions and events happened in 2015, in chronological order:
a. On January 15, issued 10,000 common shares at $6 per share
b. On March 31 cash dividend of $1,000,000 was declared for all shareholders on record at April 10th. No dividends had been paid in 2013 or 2014.
c. On April 18, issued 5,000 preferred shares at $12 per share
d. On April 30, the declared dividend was paid.
e. On June 19, purchased and retired 41,000 common shares at $7 per share.
f. On November 7, a common stock dividend of 5% is declared and issued. Common shares are currently selling for $9 on the stock exchange.
g. Close 2015 Net Income of $1,740,000 for the year
Required:
Prepare the journal entries for the above transactions.
