On February 7, 2014, Flathead Corp. had a balance of $315,000 in its common share account. These shares had been issued as follows:

Date # of Shares IssuedCost

March 1, 2012........10,000.................$ 50,000

November 8, 2013....15,000..................265,000

On February 8, 2014, Flathead paid $10,000 to reacquire 1,000 shares. On December 22, 2014, it paid $28,000 to reacquire 2,000 shares.

(a) Determine the average cost per share on February 7, 2014.

(b) Record the two transactions in which Flathead reacquired its shares.