Scopis Ltd. reported its shareholders' equity as shown below.

Shareholders' Equity

Preferred shares, $1.00

Authorized: 10,000 shares

Issued and outstanding: None..........................................$ 0

Common shares

Authorized: 100,000 shares

Issued and outstanding: 14,000 shares............................70,000

Retained earnings....................................................84,000

.......................................................................$154,000

1. What was the average issue price per common share?

2. Journalize the issuance of 1,200 common shares at $8.00 per share. Use Scopis Ltd.'s account titles.

3. After question 2, how many Scopis Ltd. common shares are now outstanding?

4. How many common shares would be outstanding after Scopis Ltd. splits its common shares (computed in question 3) 3 for 1?

5. Using Scopis Ltd. account titles, journalize the declaration of a 10 percent stock dividend when the market price of Scopis Ltd.'s common shares is $6.00 per share. Use the shares outstanding in question 3.

6. Ignore the prior transactions and return to the Scopis Ltd. shareholders’ equity information in question 1, which shows 14,000 common shares issued.
a. Journalize the following share repurchase transactions by Scopis Ltd., assuming they occur in the order given.
i. Scopis Ltd. repurchases 500 of its own shares at $16.00 per share.
ii. Scopis Ltd. repurchases 500 of its own shares at $4.00 per share.
b. How many Scopis Ltd. common shares would be outstanding after the transactions in part a take place?