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During its first year of operations, Milwoods Enterprises Inc. had the following transactions related to its common shares Issued 5,000 common shares to Michelle

  

During its first year of operations, Milwoods Enterprises Inc. had the following transactions related to its common shares Issued 5,000 common shares to Michelle Vogel for $1 each Issued 10,000 common shares in exchange for equipment transferred from Vogel. The Jan Mar 15 equipment was valued at $40,000. Apr 10 settlement of a $14,000 invoice Sep 30 Issued 3,500 shares to a consulting firm for managerment comsulting services as Issued 4,000 common shares to Renee Vogel for $5 each Instructions Journalize the share transactions b) Calculate the average cost of the common shars of Millwoods Enterprises Inc. at December 31.

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Solution a It is assumed that par value of common share is 1 each Journal Entries Millwoods Enterpri... blur-text-image

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