During Its First Year of Operations, Millwoods Enterprises Inc

question 67

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 cost of the common shares of Millwoods Enterprises Inc. at December 31, 2014.

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Definitions:

Senate

The upper chamber in various legislative bodies, particularly in bicameral systems, responsible for making and passing laws.

Slave Trade

The historical trade in which people were captured and sold as slaves, predominantly affecting Africans transported to the Americas.

Internal Slave Trade

refers to the buying and selling of slaves within the domestic borders of a country, particularly prevalent in the United States before the Civil War.

Plantation Work

Labor performed on large agricultural estates, historically associated with slavery and the cultivation of cash crops such as tobacco, cotton, and sugar.