Solution-Calculate the average per share amount for the

Calculate the average per share amount for the common shares

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Reference no: EM133120827

Question - Ayayai Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year:

Jan. 12 Issued 50,000 common shares for $5 per share.

Jan. 24 Issued 950 common shares in payment of a $4,600 bill for legal services.

July 11 Issued 1,000 preferred shares for $25 per share.

Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,100.

Ayayai's accountant estimated that the fair value of the shares issued might be as high as $6 per share.

Required -

1. Journalize the share transactions.

2. Calculate the average per share amount for the common shares.

Reference no: EM133120827

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Calculate the average per share amount for the common shares

Reference no: EM133120827

Reference no: EM133120827

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