Question 2 (30 points) Zcom Inc. was authorized to issue an unlimited number of common shares. During November 2014, their first month of operations, the following selected transactions occurred: a. November 1: Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $5,600. b. November 2: Issued 12,000 common shares at $4.60 per share for cash. c. November 13: 7,000 of the common shares were issued for a total of $70,000 cash. d. November 19: 14,000 common shares were issued in exchange for land valued at $56,000. e. November 30: Closed the Income Summary account. An income of $95,000 was earned. a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in the format dd/mmm, (ie. 15/Jan). General Journal Page GJ5 Account/Explanation Date F Debit Credit + - + - +1 - b) Prepare the equity section of the balance sheet of Zcom Inc. at November 30, 2014. Zcom Inc. Equity Section of Balance sheet November 30, 2014 Common shares, unlimited shares authorized; shares issued and outstanding (Select one) (Select one) c) What was the average issue price per common share? Average issue price per common share