Ludwig Inc. was authorized to issue an unlimited number of common shares. During March 2014, their first month of operations, the following selected transactions occurred: a. March 12: 11,000 of the common shares were issued for a total of $39,600 cash. b. March 14: 13,000 common shares were issued in exchange for land valued at $52,000. c. March 16: Gave the corporation's promoters 11,000 common shares for their services in organizing the corporation. The directors valued the services at $67,100. d. March 21: Issued 10,000 common shares at $0.50 per share for cash. e. March 31: Closed the Income Summary account. An income of $60,000 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 F Debit Credit + 1 + -- + - b) Prepare the equity section of the balance sheet of Ludwig Inc. at March 31, 2014. Ludwig Inc. Equity Section of Balance sheet March 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