PRINTER VERSION RACK NEXT Problem 11-2A Oak Ridge Corporation, a publidy traded company was organized on January 1, 2018. It is authorized to issue an unlimited number of 53 noculative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations Jan. 10 Mar. 1 May 1 June 1 July 24 Issued 940,000 common shares for $2 per share. issued 22,000 preferred shares for $50 per share. Issued 235,000 common shares for $3 per share. Reacquired and retired 9,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction Issued 34,200 common shares for $119,000 cash and used equipment. The equipment originally cost $31,000. It now has a carrying amount of $15.500 and a current value of $10,500. The common shares were trading for $4 per share on this date. Issued 11,000 common shares for $5 per share. Issued 3,600 preferred shares for $50 per share. Reacquired and retired 14,000 common shares at 14 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction, Declared a $67,000 cash dividend to the preferred shareholders, to shareholders of record on December 31. payable on January 10. Reported net income of $1,220,000 for the year. Sept. 4 Nov. 1 20 Dec. 14 31 your answer is partially correct. Try again. Multiple Choice Question 59 Which of the following would be the most useful in determining if a company has sufficient resources to continue operations in the short-term? o the profit margin ratio o the return on assets ratio the cash from operating activities o the cash from financing activities Question Attempts: 0 of 1 used SAVE FOR LATER SUSMIT