Munchies 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 1,040,000 common shares for $2 per share Mar 1 Issued 20,000 preferred shares for $50 per share May 1 Issued 260,000 common shares for $3 per share June 1 Reacquired and retired 11,000 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 33,400 common shares for $115,000 cash and used equipment The equipment originally cost $32,000 It now has a carrying amount of $16,000 and a current value of $17,000 The common shares were trading for $4 per share on this date Sept 4 Issued 9,000 common shares for $5 per share Nov 1 Issued 4,300 preferred shares for $50 per share 20 Reacquired and retired 14,000 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 $75,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10 31 Reported net income of $1,190,000 for the year Record the above transactions for 2018, including any required entries to close dividends declared and net income (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 ) Date Account Titles and Explanation Debit Credit July 24 Nov 20 Closing entries Debit Credit Date Account Titles and Explanation Dec 31 (To close cash dividends) Dec 31 (To close profit)

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Munchies Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares

Munchies 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 1,040,000 common shares for $2 per share.
Mar.	1	Issued 20,000 preferred shares for $50 per share.
May	1	Issued 260,000 common shares for $3 per share.
June	1	Reacquired and retired 11,000 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 33,400 common shares for $115,000 cash and used equipment. The equipment originally cost $32,000. It now has a carrying amount of $16,000 and a current value of $17,000. The common shares were trading for $4 per share on this date.
Sept.	4	Issued 9,000 common shares for $5 per share.
Nov.	1	Issued 4,300 preferred shares for $50 per share.
	20	Reacquired and retired 14,000 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 $75,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10.
	31	Reported net income of $1,190,000 for the year.

Record the above transactions for 2018, including any required entries to close dividends declared and net income. (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.)

Date Account Titles and Explanation Debit Credit July 24 Nov. 20 Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 (To close cash dividends) Dec. 31 (To close profit)