Ridgewood Corporation, a publicly traded company was organized on January 1, 2018. 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 Mar. 1 May 1 Issued 970.000 common shares for $2 per share. Issued 18,000 preferred shares for $50 per share. Issued 242.500 common shares for $3 per share. Reacquired and retired 11.000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction. issued 30,800 common shares for $123,000 cash and used equipment. The couipment originally cost $27.000. It now has a carrying amount of $13,500 and a current value of $14,500. The common shares were trading for $4 per share June 1 July 24 on this date. Sept. 4 issued 11.000 common shares for $5 per share Nov. 1 20 Issued 4,400 preferred shares for $50 per share Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacquired sture to the nearest cent before recording this transaction Declared a $77.000 cash dividend to the preferred shareholders to shareholders of record on December 31. payable on January 10 Reported net income of $1.200.000 for the year Dec. 14 31 Your answer is partially correct Question 25 of 25 5.21/12 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. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round average cost per share to 2 decimal palces, es 2.25 and final answers to decimal places.) Transaction entries: Date Account Titles and Explanation Debit Credit in 10 Cach 1940000 1940000 Common Shares Cash 900000 900000 Preferred Shares 727500 1 Common Shares OCTAVIA me 1 Common Shares 24 Cach fauipment Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 II DE (To close cash dividends) Dec. 31 To close pront) List of Accounts - Your answer is partially correct Open T counts and post to the streholders equity accounts.ecord entries in the one per Preferred Shares Hasee Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 II DE (To close cash dividends) Dec. 31 To close pront) List of Accounts - Your answer is partially correct Open T counts and post to the streholders equity accounts.ecord entries in the one per Preferred Shares Hasee Question 25 of 25 5.21/12 III Nov. 20 June 1 Dividends Declared Dec. 14 Dec 31CE Dec 31 bal. Retained Earnings Nov 20 Dec 310 Dec 31 CE Deco List of Accounts * Your answer is correct Prepare the shareholdery equity section of the statement of financial position at Oreber.com not provide descriptive information RIDGEWOOD CORPORATION Statement of Financial Position Part Hasee Question 25 of 25