Granger 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 960,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 June 1 July 24 Issued 240,000 common shares for $3 per share. 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 36,600 common shares for $124,000 cash and used equipment. The equipment would have cost $29,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $15,400. The common shares were trading for $4 per share on this date. Issued 11,000 common shares for $5 per share. Sept. 4 Nov. 1 20 Issued 3,700 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 435 PM