Remmers Corporation, a 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 during the company's first year of operations:

Jan. 10 Issued 1,000,000 common shares for $2 per share.

Mar. 1 Issued 20,000 preferred shares for $50 per share.

May 1 Issued 250,000 common shares for $3 per share.

June 1 Repurchased and retired 10,000 common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction.

July 24 Issued 33,500 common shares for $120,000 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 common shares were trading for $4 per share on this date.

Sept. 4 Issued 10,000 common shares for $5 per share.

Nov. 1 Issued 4,000 preferred shares for $50 per share.

Nov 20 Repurchased and retired 15,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction.

Dec. 14 Declared a $52,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10.

Dec 31 Reported net income of $1.3 million for the year.

Instructions

a. Record the above transactions for 2021, including any required entries to close dividends declared and net income.

b. Open T accounts and post to the shareholders' equity accounts.

c. Prepare the shareholders' equity section of the statement of financial position at December 31.

Record and post equity transactions; prepare statements.

noncumulative preferred shares and an unlimited number of common shares. The following share transactions were eompleted during the eompany's first year of operations: Jan. so Issued 1,000,00o common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May i Issued 250,000 common shares for $3 per share. June 1. Repurchased and retired 10,00o common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. July 24 Issued 33.500 common shares for $120,000 cash and used equipment. The equipment would have coat $30,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,000. The common shares were trading for $4 per ahare on this date. Sept. 4 Issued 10,000 common shares for $5 per share. Nov, 1 Issued 4,000 preferred shares for $50 per share. 20 Repurchased and retired 15.000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording thi transaction: Dee. 14 Declared a $52,000 cash dividend to the preferred sharebolders, to shareholders of record on December 31 , payable on January io. 31 Reported net income of $1,3 million for the year. Instructions a. Record the above transactions for 2021, including any required entries to elose dividends declared and net income. b. Open T accounts and post to the shareholders' equity accounts. c. Prepare the shareholders' equity section of the statement of financial position at December 31 . Record and post equity transactions; prepare statements