Question 3 During its first year of operations, Millwoods Enterprises Inc. had the following transactions related to its common shares: Jan. 5 Issued 5,000 common shares to Michelle Vogel for $1 each. Mar. 15 Issued 10,000 common shares in exchange for equipment transferred from Vogel. The equipment was valued at $40,000. Apr. 10 Issued 3,500 shares to a consulting firm for management consulting services as settlement of a $14,000 invoice. Sep. 30 Issued 4,000 common shares to Renee Vogel for $5 each. transactions Calculate the average cost of the common shares of Millwoods Enterprises Inc. at December 31, 2008 (b) S Marks c) Explain how common shares differ from preferential shares (10 marks)