Please help me Prepare the journal entries to record the above transactions for Teal Corporation for 2022. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts. Round average share price to 2 decimal places for intermediate calculations, eg. 52.75 and final answer to O decimal places, eg.5,275.)No. Account Titles and ExplanationDebitCredit(a)(To record sale of shareson a subscription basis)(To record collection of down payment)(b)(c)(To record receipt of cash for thefinal installment on subscribed shares)(To record default on subscribed shares)(To record issuance of common sharesfor those subscribed and paid for)(d)(e)(To record dividend declared)(To record dividend paid)(f) Current Attempt in ProgressTeal Corporation showed the following information on its financial statements on December 31, 2021:Preferred Shares, no par value $5 cumulative, 430,000 shares authorized,190,000 shares issued and outstanding$20,900,000Common Shares, no par value, unlimited shares authorized,500,000 shares issued and outstanding$15,000,000The following transactions occurred, in the order given, during 2022:(a)April 15: Received subscriptions and down payments for 125,000 common shares at $38 per share. The subscriptioncontracts call for 65% of the subscription price to be paid upon receipt, and the remaining 35% to be paid on June 30. In theevent of default on the subscriptions, the company will retain the down payment.(b)May 1: Issued 140,000 preferred shares at $135 per share.(c)June 30: Received payment for 103,000 of the subscribed common shares; the remaining 22,000 defaulted. Issued the sharecertificates for the appropriate number of shares.(d)August 5: Repurchased and cancelled 15,000 common shares at a cost of $23 per share.(e)September 15: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $2.30per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1.If the preferred shares had a $110 par value, what would be the journal entry for the May 1 issuance of preferred shares inpart (b)?(f)

The question is based on the concept of Financial Accounting.

Prepare the journal entries to record the above transactions for Teal Corporation for 2022. (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 O for the amounts. Round average share price to 2 decimal places for intermediate calculations, eg. 52.75 and final answer to O decimal places, eg 5,275.) No. Account Titles and Explanation Debit Credit (a)

Prepare the journal entries to record the above transactions for Teal Corporation for 2022. (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 O for the amounts. Round average share price to 2 decimal places for intermediate calculations, eg. 52.75 and final answer to O decimal places, eg 5,275.) No. Account Titles and Explanation Debit Credit (a)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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