Page 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. Mar. June July Sept. Nov. Dec. 10 20 14 31 Issued 960,000 common shares for $2 per share. Issued 22,000 preferred shares for $50 per share. Issued 240,000 common shares for $3 per share. Reacquired and retired 10,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest oent before recording this transaction. Issued 36,800 common shares for $112,000 cash and used equipment. The equipment originally cost $29,000. It now has a carrying amount of $14,500 and a current value of $15,600. The oommon shares were trading for $4 per share on this date. Issued 10,000 common shares for $5 per share. Issued 3,900 preferred shares for $50 per share. Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacquired share to the nearest cent hefore recording this transaction. Declared a $55,000 cash dividend to the preferred shareholders, to shareholders of reoord on Deoember 31, payable on Januarv 10. Reported net inoome of $1,180,000 For the year. \fPrepare the shareholders' equity section of the statement of nancial position at December 31. (Enter account name only and do not provide descriptive information.) PAGE CORPORATION Statement of Financial Posltlon (Partial) A I - 'IP - 9