Raja inc. began operations on January 2, 2017 and immediately issued 8,000 common shares for cash of $1.50 per share. On January 3rd, 500 common shares were issued to promoters in exchange for their services in selling shares of the corporation, the costs were charged to Organization Expenses. The shares were valued at a total $1,000 On January 11th, 4,000 preferred shares were issued for cash of $5 per share. On February 5th, 10,000 common shares were issued in exchange for land valued at $24,925. On February 25th 3,000 more preferred shares were issued for total cash of $15,700. Required: a. Present the journal entries that the company's accountant would use to record these transactions b. Prepare the statement of changes in equity for the month ended February 28, 2017 Assume a loss of $10,000 was realized in January, profit earned during February was $55,000 and dividends totalling $5,000 had been declared and paid in February C. Prepare the equity section of the February 28,2017 balance sheet. Raja inc. is authorized to issue an unlimited number of preferred and common shares. d What was the average issue price per common share as of February 28, 2017? e What was the average issue price per preferred share as of February 28, 2017