Current Attempt in Progress

Ayayai Corp., a private corporation, received its articles of incorporation on January $3,2024.$ It is authorized to issue an unlimited

number of common shares and $$1$ preferred shares. It had the following share transactions during the year:

Jan. $12$ Issued $45,000$ common shares for $$5$ per share.

$24$ Issued $850$ common shares in payment of a $$5,235$ bill for legal services.

July $11$ Issued $900$ preferred shares for $$25$ per share.

Oct. $1$ Issued $9,000$ common shares in exchange for land. The land's fair value was estimated to be $$49,500.$ Ayayai's

accountant estimated that the fair value of the shares issued might be as high as $$6$ per share.

$($a$)$

Your answer is partially correct.

Journalize the share transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually.

If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in

the problem. List all debit entries before credit entries.$)$

Common Shares

Legal Fees Expense

Cash Dividends $-$ Preferred

$($b$)$

Calculate the average per share amount for the common shares. $($Round answer to $2$ decimal places, e$.$g$.5\mathrm{.}25.)$