Golden Valley 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 18,000 preferred shares for $50 per share. May 1 Issued 235,000 common shares for $3 per share. June 1 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. July 24 Issued 30,600 common shares for $117,000 cash and used equipment. The equipment would have cost $31,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,400. The common shares were trading for $4 per share on this date. Sept. 4 Issued 11,000 common shares for $5 per share. Nov. 1 Issued 4,100 preferred shares for $50 per share. 20 Repurchased and retired 16,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Dec 14 Declared a $76,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. 31 Reported net income of $1.25 million for the year. Record the above transactions for 2021, including any required entries to close dividends declared and net income. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round average cost per share to 2 decimal palces, eg. 225 and final answers to 0 decimal places) Transaction entries: late Account Titles and Explanation Debit Credit in. 10 Cash 188000 Common Shares 188000 lar. 1 Cash 900000 Preferred Shares 900000 ay 1 Cash 705000 Common Shares 705000 ine 1 Common Shares 20000 U ! ine 1 Common Shares 20000 Retained Earnings 2000 Cash 18000 y 24 124 v Cash 117000 Equipment 16400 Common Shares 133400 ept. 4 v Cash 55000 Common Shares 55000 Dv. 1 Cash 205000 Preferred Shares 205000 Nov. 20 V Common Shares Retained Earnings Contributed Surplus Cash 64000 Dec 14 Dividends Declared 76000 Dividends Payable 76000 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 Retained Earnings Dividends Declared Date Account Titles and Explanation Debit Credit Dec. 31 Retained Earnings Dividends Declared (To close cash dividends) Dec. 31 Income Summary Retained Earnings (To close profit) List of Accounts Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Mar. 1 Mar. 1 Nov. 1 Mar. 1 Dec 31 Bal. Dec 31 Bal. Common Shares June 1 Jan. 10 Nov. 20 May 1 Sept. 4 > > Dec 31 Bal. Contributed Surplus Nov. 20 v June 1 Dividends Declared Dec. 14 Dec. 31 CE List of Accounts Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive Information.) GOLDENVALLEY CORPORATION Statement of Financial Position (Partial) $ $