Benton Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the companys first year of operations:

Jan.	10		Issued 930,000 common shares for $2 per share.
Mar.	1		Issued 20,000 preferred shares for $50 per share.
May	1		Issued 232,500 common shares for $3 per share.
June	1		Reacquired and retired 9,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction.
July	24		Issued 32,300 common shares for $128,000 cash and used equipment. The equipment originally cost $33,000. It now has a carrying amount of $16,500 and a current value of $17,600. The common shares were trading for $4 per share on this date.
Sept.	4		Issued 10,000 common shares for $5 per share.
Nov.	1		Issued 3,800 preferred shares for $50 per share.
	20		Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction.
Dec.	14		Declared a $75,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10.

Date Account Titles and Explanation Debit Credit