Walla Walla Corporation, a publicly traded company, was organized on January 1, 2021. 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. Mar. May June 1 July 10 Issued 980,000 common shares for $2 per share. 1 issued 19.000 dreferred shares for $50 per share. 1 issued 245,000 common shares for $3 per share. Repurchased and retired 10,000 common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. 24 Issued 32,800 common shares for $125,000 cash and used equipment. The equipment would have cost $32,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,900. The common shares were trading for $4 per share on this date. 4 Issued 9,000 common shares for $5 per share. 1 Issued 4,100 preferred shares for $50 per share. 20 Repurchased and retired 13,000 common shares at $4 per share. Determine the average cost of each repurchased Sept. Nov. Nov. 20 Issued 4,100 preferred shares for $50 per share. Repurchased and retired 13,000 common shares at $4 per share. Determine the average cost of each repurchased Share to the nearest cent before recording this transaction. Declared a $75,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10 Reported net income of $1.26 million for the year. Dec. 14 31 Record the above transactions for 2021, including any required entries to close dividends declared and net income. (List all debit entries before credit entries. 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, eg. 2.25 and final answers to decimal places.) Transaction entries: Date Account Titles and Explanation Debit Credit Jan. 10 Cash 1960000 Jan 10 cash 17UURI Common Shares 196000% Mar. 1 Cash 950000 Preferred Shares 95000K Cash 735000 May 1 Common sffures 735000 June 1 Common Shares Retained Earnings Cash July 24 July 24 Sept. 4 Cash 45000 45006 Common Shares 205000 Nov, 1 Cash 205000 Preferred Shares v Nov. 20 Nov. 20 Dec. 14 Closing entries: Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close cash dividends) Dec. 31 (To close profit) Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the prob Preferred Shares Common Shares