Covington 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 1,020,000 common shares for $2 per share. Mar. 1 Issued 18,000 preferred shares for $50 per share. Issued 255,000 common shares for $3 per share. May 1 June 1 July 24 Repurchased and retired 9,000 common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 33,200 common shares for $116,000 cash and used equipment. The equipment would have cost $30,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,000. The common shares were trading for $4 per share on this date. Issued 10,000 common shares for $5 per share. Sept. 4 1 Issued 4,400 preferred shares for $50 per share. Nov. Dec. 20 14 31 Repurchased and retired 17,000 common shares at $4 per share. Determine the average cost of each repurchased 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 $1.22 million for the year.