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. 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 Prepare the journal entries related to the above transactions. a) b) Prepare the shareholders' equity section of the year-end balance sheet, December 31.