At January 1, 2018, Cricket Corp.’s balance sheet reported the following shareholders’ equity information:

Shareholders’ Equity
Contributed capital
Preferred shares, $1.25, cumulative (2 years in arrears),
liquidation price of $20, 100,000 shares authorized,
30,000 shares issued and outstanding .................................................. $ 200,000
Common shares
Class A, 20,000 shares authorized and issued and outstanding .......... 125,000
Class B, unlimited number of shares authorized,
150,000 shares issued and outstanding ................................................ 1,500,000
Total contributed capital .......................................................................... 1,825,000
Retained earnings ........................................................................................ 300,000
Total shareholders’ equity ..................................................................... $2,125,000

The company had the following transactions on the dates indicated:

2018

Dec. 1 The company declared dividends of $180,000, payable on January 15, 2019, to the shareholders of record on December 31. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. The dividend rate for Class A and Class B shares is the same.

31 The company reported net income after taxes of $60,000 for the year and then closed the Income Summary account.

2019

Jan. 7 The company sold 10,000 preferred shares at $23.50 per share.

15 The company paid the dividend declared on December 1, 2018.

Feb. 14 The company sold 15,000 Class B common shares at $11.00 per share.

Dec. 2 The company declared dividends of $120,000, payable on January 15, 2020, to the shareholders of record on December 31, 2019. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders.

31 The company reported net income after taxes of $145,000 and then closed the Income Summary account.

2020

Jan. 15 Paid the dividend declared on December 2, 2019.

Required

1. Record the transactions in the general journal.

2. Prepare the liability and shareholders’ equity sections of the balance sheet as of the close of business on December 31, 2019.

3. Calculate the book value per share of the preferred shares and of the common shares (Class A and Class B combined) on December 31, 2019.

4. What was the average price at which the Class A common shares were issued?