Marx 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 1,010,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 252,500 common shares for $3 per share. June 1 Repurchased and retired 11,000 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 36,100 common shares for $129,000 cash and used equipment. The equipment would have cost $28,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $15,100. 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 4,200 preferred shares for $50 per share. 20 Repurchased and retired 14000 rommon shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this tr Screenshot Sept. 4 Issued 10,000 common shares for $5 per share. Nov. 1 Issued 4,200 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 $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31 , payable on January 10 . 31 Reported net income of $1.20 million for the year. (a) Your answer is partially correct. Record the above transactions for 2021 , including any required entries to close dividends declared and net income. (List all debit entries before credit entries. Credit account titles are automatically ir Screenshot he amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average cost pe share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Record the above transactions for 2021, including any required entries to close dividends declared and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not 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.) Common Shares Common Shares 24200 Contributed Surplus 220022000 July 24 Cash 129000 Equipment 15100 Common Shares \begin{tabular}{r|} \hline \\ \hline 144100 \\ \hline \end{tabular} Sept. 4 Cash 50000 Common Shares Screenshot \begin{tabular}{|} \hline \\ \hline 50000 \\ \hline \end{tabular} Nov. 1 Cash 210000 Preferred Shares 210000 Nov. 20 Common Shares \begin{tabular}{||r|} \hline 31799 \\ \hline \end{tabular} Retained Earnings 22001 Contributed Surplus 2200 Cash Dec 14 Dividends Declared 72000 Closing entries: (To close profit) (To close profit) Preferred Shares Common Shares June 1 \begin{tabular}{|l|l|l|} \hline 24200 & & 2020000 \\ \hline Jan. 10 & & \\ \hline 31824 & & \\ \hline May 1 & & \\ \hline & & 1457500 \\ \hline July 24 & \\ \hline \end{tabular} Sept. 4 50000 Screenshot Contributed Surplus Nov. 20 2200 June 1 2200 Dividends Declared Retained Earnings Nov. 20 21976 Dec. 31 CE 1200000 Dec. 31 CE Screenshot Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) Prepare the shareholders' equity section of the statement of financial position at December 31 . (Enter account name only and do not provide descriptive information.) Common Shares Preferred Shares Total Share Capital Retained Earnings Total Shareholders' Equity eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer Screenshot Marx 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 1,010,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 252,500 common shares for $3 per share. June 1 Repurchased and retired 11,000 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 36,100 common shares for $129,000 cash and used equipment. The equipment would have cost $28,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $15,100. 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 4,200 preferred shares for $50 per share. 20 Repurchased and retired 14000 rommon shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this tr Screenshot Sept. 4 Issued 10,000 common shares for $5 per share. Nov. 1 Issued 4,200 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 $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31 , payable on January 10 . 31 Reported net income of $1.20 million for the year. (a) Your answer is partially correct. Record the above transactions for 2021 , including any required entries to close dividends declared and net income. (List all debit entries before credit entries. Credit account titles are automatically ir Screenshot he amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average cost pe share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Record the above transactions for 2021, including any required entries to close dividends declared and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not 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.) Common Shares Common Shares 24200 Contributed Surplus 220022000 July 24 Cash 129000 Equipment 15100 Common Shares \begin{tabular}{r|} \hline \\ \hline 144100 \\ \hline \end{tabular} Sept. 4 Cash 50000 Common Shares Screenshot \begin{tabular}{|} \hline \\ \hline 50000 \\ \hline \end{tabular} Nov. 1 Cash 210000 Preferred Shares 210000 Nov. 20 Common Shares \begin{tabular}{||r|} \hline 31799 \\ \hline \end{tabular} Retained Earnings 22001 Contributed Surplus 2200 Cash Dec 14 Dividends Declared 72000 Closing entries: (To close profit) (To close profit) Preferred Shares Common Shares June 1 \begin{tabular}{|l|l|l|} \hline 24200 & & 2020000 \\ \hline Jan. 10 & & \\ \hline 31824 & & \\ \hline May 1 & & \\ \hline & & 1457500 \\ \hline July 24 & \\ \hline \end{tabular} Sept. 4 50000 Screenshot Contributed Surplus Nov. 20 2200 June 1 2200 Dividends Declared Retained Earnings Nov. 20 21976 Dec. 31 CE 1200000 Dec. 31 CE Screenshot Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) Prepare the shareholders' equity section of the statement of financial position at December 31 . (Enter account name only and do not provide descriptive information.) Common Shares Preferred Shares Total Share Capital Retained Earnings Total Shareholders' Equity eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer Screenshot