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2. Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of

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2. Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of operation, the following selected transactions occurred: Jan. 11000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,000 Jan 515,000 shares were sold to various shareholders for $13.50 each. Jan 15 The board of directors declared a cash dividend of $0.75 per common share to shareholders of record on January 19, payable January 31. Jan 204,000 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. Jan 31 Closed the Income Summary account, which showed a credit balance of $165,000. Jan 31 Paid the dividends declared on January 15. 2. Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of operation, the following selected transactions occurred: Jan. 11000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,000 Jan 515,000 shares were sold to various shareholders for $13.50 each. Jan 15 The board of directors declared a cash dividend of $0.75 per common share to shareholders of record on January 19, payable January 31. Jan 204,000 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. Jan 31 Closed the Income Summary account, which showed a credit balance of $165,000. Jan 31 Paid the dividends declared on January 15

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