Espresso 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 940,000 common shares for $2 per share. Mar. 1 Issued 19,000 preferred shares for $50 per share. May 1 Issued 235,000 common shares for $3 per share. June 1 July 24 Sept. 4 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. Issued 35,100 common shares for $113,000 cash and used equipment. The equipment would have cost $27,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $14,400. The common shares were trading for $4 per share on this date. Issued 9,000 common shares for $5 per share. Nov. 1 Issued 3,900 preferred shares for $50 per share. Dec. 20 14 31 Repurchased and retired 13,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Declared a $68,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. Reported net income of $1.23 million for the year.