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Calculate the average cost of the common shares of millwoods

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Reference no: EM132726118

During its first year of operations, Millwoods Enterprises Inc. had the following transactions related to its common shares:

Jan 5 Issued 5,000 common shares to Michelle Vogel for $ 1 each.

Mar 15 Issued 10,000 common shares in exchange for equipment transferred from Vogel. The equipment was valued at $ 40,000.

Apr 10 Issued 3,500 shares to a consulting firm for management consulting services as settlement of a $ 14,000 invoice.

Sep 30 Issued 4,000 common shares to Renee Vogel for $ 5 each.

Instructions

Problem a) Journalize the share transactions.

Problem b) Calculate the average cost of the common shares of Millwoods Enterprises Inc. at December 31.

Reference no: EM132726118

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