During Its First Year of Operations, Millwoods Enterprises Inc

question 21

Essay

During its first year of operations, Millwoods Enterprises Inc. had the following transactions related to its common shares:
Jan 5 Issued 5,000 common shares to Michelle Vogel for $ 1 each.
Mar 15 Issued 10,000 common shares in exchange for equipment transferred from Vogel. The equipment was valued at $ 40,000.
Apr 10 Issued 3,500 shares to a consulting firm for management consulting services as settlement of a $ 14,000 invoice.
Sep 30 Issued 4,000 common shares to Renee Vogel for $ 5 each.
Instructions
a) Journalize the share transactions.
b) Calculate the average per share amount of the common shares of Millwoods Enterprises Inc. at December 31, 2021.

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Definitions:

Income Levels

Different tiers of earnings among individuals or groups, often categorized to analyze economic inequality, purchasing power, and socioeconomic status within a society.

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Technology Improvement

The process of developing and deploying new technologies to increase efficiency, enhance capabilities, or create new products and services.

Wage Rate

The amount of money paid to an employee per unit of time or piece of work completed.