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 Issued 960,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 240,000 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 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. Sept. 4 Issued 11,000 common shares for $5 per share. Nov. 1 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 share to the nearest cent before recording this transaction. Dec. 14 Declared a $67,000 cash dividend to the preferred shareholders, to shareholders of record on December 31 , payable on January 10. 31 Reported net income of $1.27 million for the year. \begin{tabular}{ll} Date & Account Titles and Explanation \\ \hline Jan. 10 Cash \\ \hline \end{tabular} \begin{tabular}{l} Debit \\ \hline 1920000 \\ \hline 1000000 \\ \hline \end{tabular} Credit Common Shares Preferred Shares Cash 720000 Common Shares 720000 June 1 Common Shares \begin{tabular}{|l|} \hline 24000 \\ \hline \hline \end{tabular} Contributed Surplus Cash 20000 Cash 124000 Equipment 15400 Contributed Surplus Retained Earnings Cash Dividends Declared \begin{tabular}{||c|} \hline 64000 \\ \hline \hline \end{tabular} Closing entries: Dividends Payable \begin{tabular}{|l} \hline64000 \\ \hline \end{tabular} Date Account Titles and Explanation Debit Credit Dec. 31 Retained Earnings Dividends Declared (To close cash dividends) Dec. 31 Income Summary