Question 1 Accustart Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred share and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 940,000 common shares for $2 per share. Mar. 1 issued 22,000 preferred shares for $50 per share May 1 Issued 235,000 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 32,100 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 current value of $16,400. The common shares were trading for $4 per share on this date. Sept. 4 Issued 9,000 common shares for $5 per share. Nov. 1 Issued 3.600 preferred shares for $50 per share, 20 Reacquired and retired 14,000 common shares at 4 per share. Determine the average cost of each racquired 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 51,320,000 for the year. (a) Your answer is partially correct. Try again. Record the above transactions for 2018, including any required entries to close dividends declared and net income. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. I no entry is required select No Entry for the accounts and enter for the amounts Round average cost per share to 2 decimal palces, 2.25 and inal answers to decimal places) Transaction entries: Your answer is partially correct. Try again. Record the above transactions for 2018, Induding any required entries to close dividends declared and recome. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountries and enter for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to o decimal places.) Transaction entries: Date Account Titles and Explanation Debit Credit Jan. 10 Cash 1880000 Common Shares Cash T Preferred Shares 1100000 Cash Common Shares June 1 Common Shares DOJO SOURCES nel Common Shares (Ch 11 Cash Contributed Surpus July 24 Cash Study equipment Common Shares Cash Common Shares SPEEDPOOOOOOO Tcash Preferred Shares 31640 Common Shares 24360 Contributed Surplus Read Farid PRINTER VERSION BACK NE CES Nov. 20 Common Shares Contributed Surplus Retained Earnings Cash dy 1 Dec. 14 Cash Dividends cash Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 Retained Earnings 72000 Cash Dividends (To close cash dividends) Dec. 31 Income Summary Retained Earnings Tn race ni
