Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2017, 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, 2017.c. What was the average issue price per common share?

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Jan. 1 5 15 20 31 31 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.