Greenheights Corporation, a publicly traded company, was organized on June 1, 2020. It is authorized to issue an unlimited number of $4 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: June 5 August 21 September 15 October 20 November 20 March 9 April 16 May 15 May 31 Issued 240,000 common shares for $4 per share. Issued 15,000 preferred shares for $100 per share. Issued 60,000 common shares in exchange for land. The asking price of the land was $300,000 and the fair value was $285,000. The common shares were trading for $4.25 per share on this date. Repurchased and retired 20,000 common shares for $4 per share. Issued 220,000 common shares for $4.95 per share. Repurchased and retired 25,000 common shares for $5 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 6,000 preferred shares for $100 per share. Declared the annual preferred cash dividend to the preferred shareholders, to shareholders of record on May 30, payable on June 10. Reported net income of $250,000 for the year. Instructions: Record the above transactions for the year ended May 31, 2021, including any required entries to close dividends and net income. (32.5 POINTS)