Handley 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. $10$

Issued $1,040,000$ common shares for $$2$ per share.

Mar. $1$ Issued $22,000$ preferred shares for $$50$ per share.

May $1$

Issued $260,000$ 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 $34,400$ common shares for $$132,000$ cash and used equipment. The equipment would have cost $$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.

$$

Issued $11,000$ common shares for $$5$ per share.

Nov.

$20$

Issued $3,700$ preferred shares for $$50$ per share.

Repurchased and retired $16,000$ common shares at $$4$ per share. Determine the average cost of each repurchased to the nearest cent before recording this transaction.

Dec. $14$

Declared a $$69,000$ cash dividend to the preferred shareholders, to shareholders of record on December $31,$ payable on January $10.$

$31$

Reported net income of $$1\mathrm{.}32$ million for the year.

Record the above transactions for $2021,$ including any required entries to close dividends declared$$and$$net$$income$.$ List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Round average cost per share to $2$ decimal palces, e$.$g$.2\mathrm{.}25$ and final answers to $0$ decimal$$places$.)$