Reference no: EM133031677
Question - Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred:
Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $11,300.
Jan. 5 15,000 shares were sold to various shareholders for $12.80 each.
Jan. 15 The board of directors declared a cash dividend of $0.68 per common share to shareholders of record on January 19, payable January 31.
Jan. 20 4,000 shares were issued in exchange for land valued at $45,200. The shares were actively trading on this date at $10.80 per share.
Jan. 31 Closed the Income Summary account, which showed a credit balance of $158,000.
Jan. 31 Paid the dividends declared on January 15.
Required -
a. Journalize the above transactions. The Company does not use a Cash Dividends Account.
b. Prepare the equity section of Westby's balance sheet at January 31, 2020.
c. What was the average issue price per common share?
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