On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each.

Question:

On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480.
a. Prepare the entries for October 3 and November 19.
b. Calculate the average issue price per preferred share.