Vermillion Corporation, a publicly traded company, was organized on January 1,2021 . It is authorized to issue an unlimited number $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 22,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Repurchased and retired 9,000 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 36,700 common shares for $111,000 cash and used equipment. The equipment would have cost $33,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $17,400. 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 3,800 preferred shares for $50 per share. 20 Repurchased and retired 16,000 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 $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31 , payable on January 10. 31 Reported net income of $1.32 million for the year. Pembina Corporation, a publicly traded company, is authorized to issue 217,000$4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred in 2021: Feb. 6 Issued 9,800 preferred shares for $597.800. Apr. 6 Issued 19,400 common shares for $572,300. 27 Repurchased and retired 3,000 common shares at $18 per share. The balance in the Contributed Surplus account. arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $154,600 and the common shares at $140,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. During 2021, Marx Financial Corporation had the following trading investment transactions: Feb. 1 Purchased 660 CBF common shares for $38,280. Mar. 1 Purchased 770 RSD common shares for $20,790. Apr. 1 Purchased 7% MRT bonds at face value, for $63,000. Marx received interest from these bonds semi-annually on Apr 1 and October 1. July 1 Received a cash dividend of $3 per share on the CBF common shares. Aug. 1 Sold 210 CBF common shares at $56 per share. Oct. 1 Received the semi-annual interest on the MRT bonds. 1 Sold the MRT bonds for $65,200. Dec. 30 RSD declared a dividend of $1.60 per share, payable on January 15 next year. Dec. 31 The market prices of the CBF and RSD common shares were $53 and $28 per share, respectively