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Calculate the number and average price of common shares

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Reference no: EM132230387

Question - On January 1, 2017, Only You Merchandise Ltd. has 5,000 common shares issued for a total of $7,500, and no other shares or contributed capital. During 2017, Only You had the following transactions:

Jan 15 Issued 1,500 common shares for $1.50 each.

Mar 31 Settled an account for legal Expenses by issuing 3,000 shares. The value of the legal services was $5,000.

Jun 30 Reacquired 1,700 shares for $2.00 each.

Sep 30 Issued 10,000 shares in exchange for equipment with a fair value of $22,500.

Instructions -

a) Record the transactions.

b) Calculate the number and average price of common shares issued at the end of 2017.

Reference no: EM132230387

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