Abgenix Corp. was authorized to issue an unlimited number of common shares. During January 2014, its first month of operations, the following selected transactions occurred:

Required
a. Journalize the above transactions.
b. Prepare the equity section of Abgenix€™s balance sheet at January 31, 2014.
c. What was the average issue price per commonshare?

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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 land valued at $48,000. The shares were actively trading on this date at $11.50 per share. Closed the Income Summary account, which showed a credit balance of $165,000. Paid the dividends declared on January 15. Jan. 5 15 20 31 31