On June 8, Speedway Ltd was incorporated and issued 63,000 common shares for $315,000. On August 19, an additional 15,750 shares were issued for $94,500. On November 2, the company paid $30,720 to reacquire 6,400 common shares and on December 7 it paid $53,950 to reacquire 8,300 common shares

Calculate the average cost of the common shares on June 8, August 19, November 2, and December 7. Average Cost June 8 Aug. 19 $ Nov. 2 Dec. 7 $ Prepare the journal entries to record the above transactions. (Credit account titles are automaticall required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Date Credit Dec. 7