Hiroole 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 sued 960,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. 1 Issued 240.000 common shares for $3 per share May June 1 July 24 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 36.600 common shares for $124,000 cash and used equipment. The equipment would have cost $29,000 i 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. Issund 11.000 common shares for $5 per share. Sept. Nov Dec 3 Issued 3,700 preferred shares for $50 per share. 20 34 31 Repurchased and retired 16.000 common shares at $ per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction Declared a $67.000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 20 Reported net income of $1.27 million for the year (a) July 24 Sept. 4 Cash Nov. 1 Nov.20 Cec 16 Common Shares 55000 Cash Common Shares 185000 Clusing entfles &7000 55000 185000 17000 osing entries: Dividends Payable Date Account Titles and Explanation Debit Dec. 31 Income Summary 1270000 Retained Earnings (To close cash dividends). Dec. 31. Retained Earnings Preferred Shares (To close profit) eTextbook and Media List of Accounts 67000 Credit 1270000 67000 67000