On June 8, Dieppe Ltd was incorporated and issued 60,000 common shares for $300,000. On August 19, an additional 15,000 shares were issued for $90,000. On November 2, the company paid $28,800 to reacquire 6,000 common shares and on December 7 it paid $52,000 to reacquire 8,000 common shares.
(a) Calculate the average cost of the common shares on June 8, August 19, November 2, and December 7.
(b) Prepare the journal entries to record the above transactions.