Clinton 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:

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Question 1 Clinton 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 company's first year of operations: Jan. 10 Mar. 1 May 1 June 1 July 24 Issued 940,000 common shares for $2 per share. Issued 22,000 preferred shares for $50 per share. Issued 235,000 common shares for $3 per share. Reacquired and retired 10,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction. Issued 32,100 common shares for $119,000 cash and used equipment. The equipment originally cost $31,000. It now has a carrying amount of $15,500 and a current value of $16,400. The common shares were trading for $4 per share on this date. Issued 9,000 common shares for $5 per share. Issued 3,600 preferred shares for $50 per share. 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. Declared a $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. Reported net income of $1,320,000 for the year. Sept. 4 Nov. 1 20 Dec. 14 31 Account Titles and Explanation Cash Jan. 10 Common Shares Mar. 1 Cash Preferred Shares May 1 | Common Shares June 1 Common Shares GUGUGHUUGUFUGTK: Preferred Shares Cash July 24 Cash Equipment Common Shares Sept. 4 Cash Common Shares Now I Cash Common Shares Nov. 1 Cash Preferred Shares Nov. 20 Common Shares IGLUGGUGUGE licciacaan Retained Earnings Cash Dividends Dec. 14 Dividends Declared Dividends Payable U L 72,000 Open T accounts and post to the shareholders' equity accounts. (Record entries in the order prese Preferred Shares Mar. 1 1 1,100,000 Nov. 1 IT 180,000 Dec. 31 Bal. 128000 Common Shares Jan. 10 | 1,880,000 x = T May 1 1 705,000 July 24 IT 135400 JT 45 45,000 Sept. 4 Dec. 31 Bal. 2765400 Contributed Surplus Dividends Declared Dividends Declared 72,000 | Dec. 31 CE Dec. 1 . 14 T | 72,000 Dec. 31 Bal. Retained Earnings Dec. 31 CE 72,000 || Dec. 31 CE 1,320,000 Dec. 31 Bal. 1248000