P11.2A (LO 2, 3, 4) Remmers Cor authorized to issue an unlimited numboration, a publicly traded company, was organized on January 1, 2021. It is common shares. The following share transactions of $3 nonculative preferred shares and an unlimited number of Jan. 10 Issued 1,000,000 commed during the company's first year of operations: July 24 Issued 33,500 common shares for $120,000 cash and used equipment. The equipment would have cost $30,000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $16,000. 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 4,0oo preferred shares for $50 per share. 20 Repurchased and retired 15,000 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 $52,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. 31 Reported net income of $1.3 million for the year. Instructions a. Record the above transactions for 2021, including any required entries to close dividends declared and net income. b. Open T accounts and post to the shareholders' equity accounts. c. Prepare the shareholders' equity section of the statement of financial position at December 31 . Record and post equity transactions; prepare statements