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Macaron Corporation, publicly traded company, was organized on January 1, 2021. 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 duritig the companysfirst year of ogerations: Jan. 10 Lsued 920,000 common shares for $2 per share Mar: 1 Issued 19,000 preferred thares for $50 per share. May 1 Isyed 230,000 commonshares for $3 per share. June 1 Repurchased and retired 12,000 common shares at $2 per share, Determine the average cost of each repurchased share to the nearest cent betore recording this transac tion July 24 Issued 31,400 common shares for $121.000 cash and used equipment. The equipment would have cost $30.000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16.000. The cockmon shares were trading for $4 per share on this date. Sept 4 Iswed 10,000 common shares for 55 per share. Nov. 1 iscued 4200 preferred stiares for $50 per share. 20 Repurchased and retired 14,000 common shares at 54 per thare. Determine the average cost of each repurchased share to the nearest cent before recording this transaction Dec, 14 Declared a 570,000 cashdividend to the preferred shareholders, to shareholders of record on December 31 , payable on January 10 . 31. Reported net income of $1.32 millian for the year. Your answer is partially correct. Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) July 24 137000 Sept. 4 50,000 Dec, 31Bal. 2.639,000 Contributed Surplus Nov 20 2,200 Dividends Declared Dec. 14 70,000 Dec 31 CE 70,000 Dec:31 Bal 0 Retained Earnings Dec. 14 70000 Dec 31CE 1,320,000 Dec 31BaL. 1.250000