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 980,000 common shares for $2 per share. Mar. 1 Issued 18,000 preferred shares for $50 per share. May 1 Issued 245,000 common shares for $3 per share. June 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 Issued 34,700 common shares for $129,000 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 $14,500. The common shares were trading for $4 per share on this date. Sept. 4. Issued 10,000 common shares for $5 per share. Nov. 1 Issued 3,900 preferred shares for $50 per share. 20 Repurchased and retired 14,000 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 $65,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. 31 Reported net income of $1.21 million for the year. Date Account Titles and Explanation Debit Credit Jan. 10 Cash 1960000 Common Shares 1960000 Mar. 1 Cash 900000 Preferred Shares 900000 May 1 v Cash 735000 Common Shares 735000 June 1 Common Shares 22000 Retained Earnings 2000 Cash 20000 July 24 Cash 129,000 Equipment 14,500 July 24 Cash 129,000 Equipment 14,500 Common Shares 143500 Sept. 4 Cash 50000 Common Shares 50000 Nov. 1 Cash 195000 Preferred Shares 195000 Nov. 20 Common Shares 56000 Retained Earnings 14000 Cash 56000 Dec. 14 Dividends Declared 65,000