Need to find the average per share amount.,

Pina Corp., a private corporation, received its articles of incorporation on January 3, 2021. 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 24 July 11 Oct. 1 Issued 50,000 common shares for $5 per share. Issued 950 common shares in payment of a $4,600 bill for legal services. Issued 1,000 preferred shares for $25 per share. Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,400. Pina's accountant estimated that the fair value of the shares issued might be as high as $6 per share. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 12 Cash 250,000 Common Shares 250,000 (To record issuance of shares.) Jan. 24 Legal Fees Expense 4600 Common Shares 4600 (To record issuance of shares.) July 11 Cash 25000 Preferred Shares 25000 (To record issuance of shares.) Oct. 1 Land 54400 Common Shares 54400 (To record issuance of shares.) X Your answer is incorrect. Calculate the average per share amount for the common shares. (Round answer to 2 decimal places, e.g. 52.76.) Average cost $ e Textbook and Media