Gulf Corp. was authorized to issue an unlimited number of common shares. During June 2014, their first month of operations, the following selected transactions occurred:

June 6: Issued 14,000 common shares at $1.80 per share for cash.

June 20: Gave the corporation's promoters 7,000 common shares for their services in organizing the corporation. The directors valued the services at $6,300.

June 23: 13,000 of the common shares were issued for a total of $35,100 cash.

June 24: 10,000 common shares were issued in exchange for land valued at $10,000.

June 30: Closed the Income Summary account. An income of $80,000 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).

b) Prepare the equity section of the balance sheet of Gulf Corp. at June 30, 2014.

(Select one)(Select one)

c) What was the average issue price per common share?