Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2023, its first month of operations, the following selected transactions occurred Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,000. 5 15,000 shares were sold to various shareholders for $13.50 each. 15 The board of directors declared a cash dividend of $0.75 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for a special piece of land with a book value of $48,000, but no determined Fair Market Value. The shares were actively trading on this date at $11.50 per share. 31 Closed the Income Summary account, which showed a credit balance of $165,000. 31 Paid the dividends declared on January 15.