Munchies 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 Mar. 1 May 1 June 1 July 24 Issued 940,000 common shares for $2 per share Issued 22,000 preferred shares for $50 per share. Issued 235,000 common shares for $3 per Share. Repurchased and retired 9,000 common shares at $2 per share, Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 34,200 common shares for $119,000 cash and used equipment. The equipment would have cost $31.000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,500. The common shares were trading for $4 per share on this date Issued 11.000 common shares for $5 per share. Issued 3,600 preferred shares for $50 per share. 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 Declared a $67,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, pavable on January 10 Sept. 4 NOV. 1 20 Dec 14 Nov. 20 Common Shares 31780 Retained Earnings 22220 Contributed Surplus 2000 Gash Dec 14 V Dividends Declared 67000 Dividends Payable Date Account Titles and Explanation Debit Credit Dec. 31 Dividends Payable 67000 Cash 67000 (To close cash dividends) Dec. 31 Contributed Surplus I 1800 Retained Earning Contributed Surplus 1800 (To close profit) Common Shares June 1 19800 Jan 10 1880000 Nov. 20 31780 May 1 705000 July 24 135500 Sept. 4 55000 Dec 31 Bal 2723920 Contributed Surplus Nov. 20 2000 June 1 1800 Contributed Surplus Nov. 20 V 2000 June 1 1800 Dividends Declared Dec 14 67000 Dec 31 CE 67000 Dec 31 Bal. 0 Retained Earnings Nov. 20 22220 Dec 31 CE V 1800 Dec. 31 67000 Dec 31 Bal 87420 MUNCHIES CORPORATION Statement of Financial Position (Partial) For the Year Ended December 31, 2021 Shareholders' Equity Share Capital Common Shares 2723920 Preferred Shares 1280000 Total Share Capital 4003920 Retained Earnings 87420 Total Shareholders' Equity 4091340