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1 Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: ts Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $11,500. 5 15,000 shares were sold to various shareholders for $13.00 each. 15 The board of directors declared a cash dividend of $0.70 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $46,000. The shares were actively trading on this date at $11.00 per share. 31 Closed the Income Summary account, which showed a credit balance of $160,000. 31 Paid the dividends declared on January 15. eBook Print Required: a. Journalize the above transactions. The Company does not use a Cash Dividends Account. View transaction list Journal entry worksheet Record the issuance of shares. Note: Enter debits before credits. Date General Journal Debit Credit January 20, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet