Question: Wave Corp., A private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $1 preferred shares.These are the following share transactions during the year:Jan.12Issued 50,000 common shares for $5 per share. 24Issued 950 common shares in payment of a $4,500 bill for legal services.July11Issued 1,000 preferred shares for $25 per share.Oct.1Issued 10,000 common shares in exchange for land. The land’s fair value was estimated to be $55,000. Santiago’s accountant estimated that the fair value of the shares issued might be as high as $6 per share.Journalize the share transactions.Calculate the average per share amount for the common shares.Show steps Please.

Journal Entries -Journal Entries are the record of the transactions entered into by the…

Answered: Question: Wave Corp., A private…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: Wave Corp., A private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $1 preferred shares.

These are the following share transactions during the year:

Jan.	12	Issued 50,000 common shares for $5 per share.
	24	Issued 950 common shares in payment of a $4,500 bill for legal services.
July	11	Issued 1,000 preferred shares for $25 per share.
Oct.	1	Issued 10,000 common shares in exchange for land. The land’s fair value was estimated to be $55,000. Santiago’s accountant estimated that the fair value of the shares issued might be as high as $6 per share.