Prior to the share transactions stated below, Marcokeeyo Corp.s general ledger reflects the following account balances (average cost of its share is $18 per share). The Contributed Surplus relates to the common shares.

Contributed Surplus balance $18,000 credit

Common Shares balance $261,000 credit

Retained Earnings balance $100,000 credit

The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares.

Required: ROUND CURRENCY TO 2 DECIMAL PLACES WHERE APPLICABLE.

1. Record the journal entries for the transactions noted below.

• Bought and cancelled 560 shares at $28 per share

• Bought and cancelled 450 shares at $55 per share

• Sold 5,500 shares at $58 per share

2. What is the average cost per share after transaction c) has been posted?