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Question 1 [30 points] XYZ Corporation was authorized to issue an unlimited number of common shares. During March 2014, their first month of operations, the following selected transactions occurred: a. March 9: 6,000 common shares were issued in exchange for land valued at $6,000. b. March 14: Issued 13,000 common shares at $4.60 per share for cash. c. March 18: Gave the corporation's promoters 13,000 common shares for their services in organizing the corporation. The directors valued the services at $23,400. d. March 29: 7,000 of the common shares were issued for a total of $14,700 cash. e. March 31: Closed the Income Summary account. An income of $55,000 was earned. a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in the format dd/mmm, (ie. 15/Jan). General Journal Page GJ5 Date Account/Explanation Debit Credit F + + - + - b) Prepare the equity section of the balance sheet of XYZ Corporation at March 31, 2014. XYZ Corporation Equity Section of Balance sheet March 31, 2014 Common shares, unlimited shares authorized; shares issued and outstanding (Select one) (Select one) c) What was the average issue price per common share? Average issue price per common share Choose an Account or Heading ategories: Accounts and Headings: 11 Accounts Payable ssets Accounts Receivable habilities Accumulated Amortization, Copyright Equity Accumulated Amortization, Patents Equity Accumulated Amortization, Trademark Revenues Accumulated Depreciation, Automobiles Expenses Accumulated Depreciation, Boats Other Accumulated Depreciation, Building Accumulated Depreciation, Equipment Accumulated Depreciation, Furniture Accumulated Depreciation, Land Improvements Accumulated Depreciation, Machinery Accumulated Depreciation, Trucks Advertising Expense Advertising Payable Amortization Expense, Copyright Amortization Expense, Patents Automobiles Search: Erase Cancel Choose an Account or Heading tegories: Accounts and Headings: sets bilities uity Equity Revenues xpenses Other Boats Bonds Payable Building Cash Cash Dividends Declared Commissions Earned Common Shares Common Shares Dividend Distributable Consulting Revenue Earned Copyright Cost Of Goods Sold Delivery Expense Depreciation Expense, Automobiles Depreciation Expense, Boats Depreciation Expense, Building Depreciation Expense, Equipment Depreciation Expense, Furniture Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: II Depreciation Expense, Furniture ssets Depreciation Expense, Land Improvements iabilities Depreciation Expense, Machinery Equity Depreciation Expense, Trucks Equity Depreciation expense Revenues Equipment Expenses Furniture Other Income Summary Income Taxes Expense Income Taxes Payable Insurance Expense Interest Earned Interest Expense Interest Payable Interest Receivable Investment in Bonds Land Land Improvements Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: all Land Improvements ssets Long-Term Notes Payable Liabilities Long-term Investment in Shares Equity Machinery Equity Merchandise Inventory Revenues Mortgage Payable Expenses Notes Receivable Other Office Salaries Expense Office Supplies Expense Organization Expense Patents Preferred Shares Prepaid Advertising Prepaid Insurance Prepaid Interest Prepaid Rent Property Taxes Expense Property Taxes Payable Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Property taxes Payable Assets Rent Earned Liabilities Rent Expense Equity Rent Payable Equity Rent Receivable Revenues Rent expense, office space Expenses Rent expense, selling space Other Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Sales Salaries Expense Share Dividends Declared Short-Term Notes Payable Store Supplies Expense Supplies Search: Erase Cancel Choose an Account or Heading egories: Accounts and Headings: Retained Earnings cets Salaries Expense pilities Salaries Payable lity Sales quity Sales Discounts evenues Sales Returns and Allowances xpenses Sales Salaries Expense other Share Dividends Declared Short-Term Notes Payable Store Supplies Expense Supplies Supplies Expense Trademark Trucks Unearned Consulting Revenue Unearned Rent Unearned Revenue Utilities Expense Search: Erase Cancel b) Prepare the equity section of th XYZ Equity Sect Mar Common shares, unlimited shares shares issued and outst (Select one) (Select one) Assets Liabilities ciNet income Jerage issue pri INet loss Retained earnings per common sh Total equity