Sarasota 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		Issued 50,000 common shares for $5 per share.
24		Issued 950 common shares in payment of a $4,450 bill for legal services.
July 11		Issued 1,000 preferred shares for $25 per share.
Oct. 1		Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,400.
		Sarasota'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
choose a transaction date Jan. 12Jan. 24July 11Oct. 1	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date Jan. 12Jan. 24July 11Oct. 1	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date Jan. 12Jan. 24July 11Oct. 1	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date Jan. 12Jan. 24July 11Oct. 1	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)

List of Accounts

Calculate the average per share amount for the common shares. (Round answer to 2 decimal places, e.g. 52.76.)

Average cost

$enter the Average cost in dollars rounded to 2 decimal places