On February 1, Excel Corporation issued 37,500 common shares for $252,440 cash. On February 12, an additional

Question:

On February 1, Excel issued 37,500 common shares for $252,440 cash. On February 12, an additional 47,000 common shares were issued for cash of $7.25 per share. Present the entries to record these transactions and calculate the average issue price per common share.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...