On January 1, the JDS Corporation had 30,000 of common shares outstanding originally issued at $610,600. The corporation is authorized to issue an unlimited number of common shares. Retained earnings on that date was $990,800. The following transactions occurred during the year. Calculate average cost to the nearest $0.01: Jan 16 Repurchased (bought back) 3,000 of its own common shares from investors at $23.00 per share with cash. Mar. 20 Sold 6,000 common shares to investors at $9.00 per share in cash. Sept. 6 Board of Directors declared a 20% stock dividend to common shareholders owing shares as of Sept. 15. The market price per common share was $15.00 on Sept. 6 and the stock dividend was distributed to shareholders on October 3. Nov. 7 Board of Directors declared a $0.40 per share cash dividend to common shareholders. The date of record was November 15 and the payment date was November 30. Dec. 31 The Corporation reported expenses of $1,200,000 and revenues of $1,275,000 for the year. Instructions a) Prepare the journal entries related to the above transactions. b) Prepare the shareholders' equity section of the year-end balance sheet, December 31 November 30. Dec. 31 The Corporation reported expenses of $1,200,000 and revenues of $1,275,000 for the year. Instructions a) Prepare the journal entries related to the above transactions. b) Prepare the shareholders' equity section of the year-end balance sheet, December 31