Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares.
Question:
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of operations, the following selected transactions occurred:
Requireda. Journalize the above transactions.b. Prepare the equity section of Westby’s balance sheet at January 31, 2023.c. What was the average issue price per common share?
Transcribed Image Text:
Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,000. 15,000 shares were sold to various shareholders for $13.50 each. The board of directors declared a cash dividend of $0.75 per common share to shareholders of record on January 19, payable January 31. 4,000 shares were issued in exchange for a special piece of land with a book value of $48,000, but no determined Fair Market Value. The shares were actively trading on this date at $11.50 per share. 31 Closed the Income Summary account, which showed a credit balance of $165,000. 31 Paid the dividends declared on January 15. 5 15 20
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a 2023 Jan 1 1 b 5 c 2 Organization Expenses or other various exp Common Shares To record issuance o...View the full answer
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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