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Callaho Inc. was authorized to issue an unlimited number of common shares. During January 2014, their first month of operations, the following selected transactions occurred: a. January 20: 11,000 common shares were issued in exchange for land valued at $33,000. b. January 21: 8,000 of the common shares were issued for a total of $44,800 cash. c. January 24: Issued 12,000 common shares at $2.50 per share for cash. d. January 26: Gave the corporation's promoters 11,000 common shares for their services in organizing the corporation. The directors valued the services at $16,500 e. January 31: Closed the Income Summary account. An income of $70,000 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 Joumal Page GJ5 Date Account/Explanation F Debit Credit + + + b) Prepare the equity section of the balance sheet of Callaho Inc. at January 31, 2014. Callaho Inc. Equity Section of Balance sheet January 31, 2014 Common shares, unlimited shares authorized; shares issued and outstanding (Select one F ENG b) Prepare the equity section of the balance sheet of Callaho Inc. at January 31, 2014. Callaho Inc Equity Section of Balance sheet January 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