Moosonee Co. Ltd. had the following share transactions during its first year of operations:
Jan. 6 Issued 200,000 common shares for $1.50 per share.
12 Issued 50,000 common shares for $1.75 per share.
Mar. 17 Issued 1,000 preferred shares for $105 per share.
July 18 Issued 1 million common shares for $2 per share.
Nov. 17 Reacquired 200,000 common shares for $1.95 per share.
Dec. 30 Reacquired 150,000 common shares for $1.80 per share.
Instructions
(a) Journalize the transactions.
(b) How many common shares remain at the end of the year and what is their average cost?