Vermillion 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 companys 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 a 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 reacquired 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 $ 1,320,000 for the year.

Partially correct answer iconYour answer is partially correct.

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 0 for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Transaction entries:

Date	Account Titles and Explanation	Debit	Credit
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
July 24
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31
Nov. 20
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31

Closing entries:

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
	(To close cash dividends)
Dec. 31
	(To close profit)

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List of Accounts

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Open T accounts and post to the shareholders equity accounts. (Record entries in the order presented in the problem.)

Preferred Shares
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE

Common Shares
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE

Contributed Surplus
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE

Dividends Declared
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE

Retained Earnings
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE
Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE		Jan. 10Mar. 1May 1June 1July 24Sept. 4Nov. 1Nov. 20Dec. 14Dec. 31Dec. 31 Bal.Dec. 31 CE

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List of Accounts

Partially correct answer iconYour answer is partially correct.

Prepare the shareholders equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.)

VERMILLION CORPORATION Statement of Financial Position (Partial) December 31, 2018For the Quarter Ended December 31, 2018For the Year Ended December 31, 2018
Cash DividendsShare CapitalShareholders' EquityTotal Share CapitalTotal Shareholders' Equity
Cash DividendsShare CapitalShareholders' EquityTotal Share CapitalTotal Shareholders' Equity
		$
Cash DividendsShare CapitalShareholders' EquityTotal Share CapitalTotal Shareholders' Equity
Cash DividendsShare CapitalShareholders' EquityTotal Share CapitalTotal Shareholders' Equity		$