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Velor Inc was authorized to issue an unlimited number of common shares. During February 2014 their first month of operations, the following selected transactions occurred a February 7. 11 000 of the common shares were issued for a total of $5,500 cash b February 17 Issued 10,000 common shares at $100 per share for cash February 20 7.000 common shares were issued in exchange for land valued at $14,000 d February 22. Gave the corporation's promoters 8,000 common shares for their services in organizing the corporation. The directors valued the services at $34,400 e February 28 Closed the income Summary account An income of $75,000 was earned a) Prepare joumal entries for the above transactions entering the transaction letter as the explanation, and the dates in the format dd/mmm.(le 15/Jan) General Joumal Page 3 Da Account Explanation F Debit Credit b) Prepare the equity section of the balance sheet of Velor Inc at February 28, 2014 Velocinc b) Prepare the equity section of the balance sheet of Velor Inc. at February 28, 2014 Velor Inc. Equity Section of Balance sheet February 28, 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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