United Corporation was authorized to issue an unlimited number of common shares. During August 2014, their...

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United Corporation was authorized to issue an unlimited number of common shares. During August 2014, their first month of operations, the following selected transactions occurred: a. August 6: 10,000 common shares were issued in exchange for land valued at $20,000. b. August 10: Issued 11,000 common shares at $3.60 per share for cash. C. August 21: 8,000 of the common shares were issued for a total of $20,000 cash. d. August 30: Gave the corporation's promoters 9,000 common shares for their services in organizing the corporation. The directors valued the services at $5,400. e. August 31: Closed the Income Summary account. An income of $80,000 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 Account/Explanation Page GJ5 Credit Date F Debit b) Prepare the equity section of the balance sheet of United Corporation at August 31, 2014. United Corporation Equity Section of Balance sheet August 31, 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 United Corporation was authorized to issue an unlimited number of common shares. During August 2014, their first month of operations, the following selected transactions occurred: a. August 6: 10,000 common shares were issued in exchange for land valued at $20,000. b. August 10: Issued 11,000 common shares at $3.60 per share for cash. C. August 21: 8,000 of the common shares were issued for a total of $20,000 cash. d. August 30: Gave the corporation's promoters 9,000 common shares for their services in organizing the corporation. The directors valued the services at $5,400. e. August 31: Closed the Income Summary account. An income of $80,000 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 Account/Explanation Page GJ5 Credit Date F Debit b) Prepare the equity section of the balance sheet of United Corporation at August 31, 2014. United Corporation Equity Section of Balance sheet August 31, 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

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