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Afrikana Crafts Inc. had the following transactions related to common shares Jan 5 Issued 25,000 common shares for $2 per share. Mar 10 Issued 10,000
Afrikana Crafts Inc. had the following transactions related to common shares Jan 5 Issued 25,000 common shares for $2 per share. Mar 10 Issued 10,000 common shares in exchange for land. The land was valued at $25,000. Apr 21 Issued 2,500 common shares to settle legal expenses of $7,500. Oct 5 Issued 5,000 common shares for $3.50 per share. Instructions (a) Journalize the share transactions. (8 marks) (b) Calculate the average cost of Afrikana's common shares, assuming the company has a December 31 year end. (4 marks) NOTE* You are to complete the questions above on appropriate separate document(s). Acceptable formats include: word document, excel documents, documents written by hand (scanned and uploaded as a pdf or jpeg file), or any template you have access to that fulfils the question requirements. You will then upload this or 'drag and drop' the file(s) into the upload box at the bottom of this question box
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