indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Transaction entries: Laramie 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. Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close cash dividends) Dec. 31 (To close profit)