Kokomo Corporation, a publicly traded company, was organized on January 1, 2018. 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 companys first year of operations:

Jan.	10		Issued 940,000 common shares for $2 per share.
Mar.	1		Issued 22,000 preferred shares for $50 per share.
May	1		Issued 235,000 common shares for $3 per share.
June	1		Reacquired and retired 9,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction.
July	24		Issued 33,600 common shares for $130,000 cash and used equipment. The equipment originally cost $30,000. It now has a carrying amount of $15,000 and a current value of $16,000. 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 3,700 preferred shares for $50 per share.
	20		Reacquired and retired 16,000 common shares at $4 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction.
Dec.	14		Declared a $68,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10.
	31		Reported net income of $1,210,000 for the year.