O fructe het Page Layout BUS 28 Assignment 45) - Microsoft Word References Mags Review Virw Inherit Paragraph AaBbcAb AaBb AaBbcc Aab BCAADA Normal No Spa Font Heading 1 Heading tele Subtitle o P11-2A Remmers 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 company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and retired 10,000 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 33,500 common shares for $120,000 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 4,000 preferred shares for $50 per share. 20 Reacquired and retired 15,000 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 $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. hp UJI originally cost $30,000. It now has a carrying amount of $15,000 and a current value of Curcu c cypac $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 4,000 preferred shares for $50 per share. 20 Reacquired and retired 15,000 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 $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. 31 Reported net income of $1.3 million for the year. Instructions (a) Record the above transactions for 2018, including any required entries to close dividends declared and net income. (b) Open T accounts and post to the shareholders' equity accounts. (e) Prepare the shareholders' equity section of the statement of financial position at December 31 The Suttele suntie Em Empresa P11-2A Remmers 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 company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and retired 10,000 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 33,500 common shares for $120,000 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 4,000 preferred shares for $50 per share. 20 Reacquired and retired 15,000 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 $72,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10