Callaho Inc. was authorized to issue an unlimited number of common shares. During October 2014, their first month of operations, the following selected transactions occurred: a. October 11: Gave the corporation's promoters 5,000 common shares for their services in organizing the corporation. The directors valued the services at $70,000. b. October 23: 9,000 common shares were issued in exchange for land valued at $27,000. c. October 24: 10,000 of the common shares were issued for a total of $40,000 cash. d. October 30: Issued 6,000 common shares at $11.70 per share for cash. e. October 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 Journal Page GJ5 Date Account/Explanation Debit Credit F + 1 + 1 + - + - b) Prepare the equity section of the balance sheet of Callaho Inc. at October 31, 2014. Callaho Inc. Equity Section of Balance sheet b) Prepare the equity section of the balance sheet of Callaho Inc. at October 31, 2014. Callaho Inc Equity Section of Balance sheet October 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