Show Attempt History Current Attempt in Progress Cullumber Observation Inc. on May 1, 2024, and was authorized to issue 500,000 common shares and 100,000 5%, non-participating. convertible preferred shares. During the remainder of 2024, the company entered into the following transactions: 1. Issued 31,000 common shares in exchange for $713,000. 2. Issued 5,000 preferred shares in exchange for $65,000. 3. Repurchased 2,000 common shares for $24.00 per share in the open market. The company entered into no other transactions that affected shareholders' equity during 2024. (a) Your answer is correct. Cullumber Observation Inc. Statement of Financial Position (Partial) eTextbook and Media