Blossom Corporation, a publicly traded company, was incorporated on May $1,2024.$ It is authorized to issue an unlimited number of $$2$ noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations:

May $=5$ Issued $749,000$ common shares for $$4$ per share.

July $1$ Issued $34,000$ preferred shares for $$40$ per share.

Sept. $1$ Issued $44,000$ common shares for $$264,000.$

Oct. $1$ Issued $249,000$ common shares for $$5$ per share.

Nov. $16$ Repurchased and retired $24,000$ common shares at $$4$ per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction.

Jan. $5$ Issued $14,000$ common shares for $$7$ per share.

Mar. $1$ Repurchased and retired $9,000$ common shares at $$6$ per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction.

$25$ Issued $5,000$ preferred shares for $$60$ per share.

Apr. $15$ Declared a $$78,000$ cash dividend to the preferred shareholders, to shareholders of record on April $30,$ payable on May $15.$

$30$ Reported net income of $$6$ million for the year. Prepare journal entries and also closing entries