Question 2 [30 points] Velor Inc was authorized to issue an unlimited number of common shares. During April 2014 their first month of operations, the following selected transactions occurred. April 3: 11.000 of the common shares were issued for a total of $25,300 cash 6 April 5 Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation The directorsvahond the services at $40,000, c. April 14 Issued 5,000 common shares at $7.00 per share for cash d. April 1814,000 common shares were issued in exchange for land valued at $42.000 c. April 30 Closed the income Summary account. An income of $80,000 watt camed. ) Prepare journal entries for the above transactions, entering the transaction letter as the explanation and the daten in the format hdmmm. (18) General Journal Page GJS Date Account Explanation F Debit Credit - + it b) Prepare the equity section of the balance sheet of Velor Inc. at April 30, 2014 Volor Inc Equity Section of Balance sheet April 30, 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