The shareholders' equity section of WALLAWALLA Corporation's statement of financial position at December 31 is presented here. WALLAWALLA CORPORATION Statement of Financial Position (partial), Shareholders' equity Contributed capital $5 Preferred shares, cumulative, 10,000 authorized, 6,200 shares issued $620,000 Common shares, 750,000 authorized, 605,600 shares issued 2,422,400 Contributed surplus 85,000 Total contributed capital 3,127,400 Retained earnings 1,100,000 Total shareholders' equity $4,227,400 From your review of the shareholders' equity section above, answer the following questions. (a) What is the average cost of the common shares? (Round the answer to 2 decimal places, e.g. 2.50.) Average Cost $ per share