- / 10 Current Attempt in Progress Tri Town 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 company's first year of operations: Jan 10 Issued 930,000 common shares for $2 per share Mar 1 Issued 20,000 preferred shares for $50 per share May 1 Issued 232.500 common shares for $3 per share. June 1 Reacquired and retired 9.000 common shares at $2 per share. Determine the average cost of each required share to the nearest cent before recording this transaction. July 24 Issued 32.300 common shares for $128.000 cash and used equipment. The equipment originally cost $33.000. It now has a carrying amount of $16.500 and a current value of $17,600. The common shares were trading for $4 per share on this date Sept 4 Issued 10,000 common shares for $5 per share. No. 1 Issued 3.800 preferred shares for $50 per share 20 Reacquired and retired 14,000 common shares at super share. Determine the average cost of each racquired share to the nearest cent before recording this transaction Dec. 14 Declared a $75.000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10 31 Reported net income of $1.360,000 for the year Sept. 4 Issued 10,000 common shares for $5 per share. Nov. 1 Issued 3,800 preferred shares for $50 per share 20 Reacquired and retired 14,000 common shares at $4 per share, Determine the average cost of each required share to the nearest cent before recording this transaction. Dec. 14 Declared a $75.000 cash dividend to the preferred shareholders, to shareholders of record on December 31. payable on January 10 31 Reported net income of $1.360,000 for the year. 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 inden manually 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 Debit Credit Date Account Titles and Explanation Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 To close cash dividends) Dec. 31 [To close proht) e Textbook and Media List of Accounts Question 1 of 3 /10 Open accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem Preferred Shares Common Shares media List of Accounts Prepare the shareholders' equity section of the statement of financial position at December 31. Enter account name only and do not provide descriptive information TRITOWN CORPORATION Statement of Financial Position (Partial 66 29