Cato Corporation, a publicly traded company, was organized on January 1, 2021. 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 company's first year of operations: Jan 10 Issued 960,000 common shares for $2 per share. Mar 1 Issued 22.000 preferred shares for $50 per share. May June Issued 240,000 common shares for $3 per share. 1 Repurchased and retired 10,000 common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. July 24 Sept. 4 Nov Issued 36,800 common shares for $112,000 cash and used equipment. The equipment would have cost $29,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $15,600 The common shares were trading for $4 per share on this date. Issued 10,000 common shares for $5 per share. Issued 3,900 preferred shares for $50 per share. 20 Repurchased and retired 14,000 common shares at 54 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Dec. 14 Declared a $65,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10 31 Reported net income of $1.18 million for the year.