23. i) On June 30, 2017, Sneeze Limited was authorized to issue 60,000 shares of $5 cumulative preferred shares and 250,000 shares of common shares. During its start-up phase, the company engaged in several transactions. Prepare journal entries for the following transactions: (236) June 30 Sold 40,000 shares of preferred shares at $110 per share. 30 Sold 50,000 shares of common shares at $30 per share. July 5 Issued 5,000 shares of common shares in exchange for equipment valued objectively at $165,000. ii) Given the following data, what is the weighted-average cost of ending inventory rounded to the nearest whole dollar? (Do not round in the process of your calculations, only round your final answer.) Sales revenue 100 units at $15 per unit Beginning inventory 40 units at $9 per unit Purchases 80 units at $10 per unit (4) iii) What is the most important asset and expense in a merchandising business and why