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 companys 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.
	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.

(c) Prepare the shareholders equity section of the statement of financial position at December 31.