PRINTER VERSION BACK NECOI Problem 11-2A Oak Ridge 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 Mar. 1 May 1 June 1 July 24 Issued 970,000 common shares for $2 per share. Issued 18,000 preferred shares for $50 per share. Issued 242,500 common shares for $3 per share. Reacquired and retired 11,000 common shares at $2 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction Issued 30,800 common shares for $123,000 cash and used equipment. The equipment originally cost $27,000. It now has a carrying amount of $13,500 and a current value of $14,500. The common shares were trading for $4 per share on this date. Issued 11,000 common shares for $5 per share. Issued 4,400 preferred shares for $50 per share. Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacquired share to the nearest cent before recording this transaction Declared a $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10 Reported net income of $1,200,000 for the year. Sept. 4 Nov. 1 20 Dec. 14 31 Record the above transactions for 2018, including any required entries to dose dividends declared and net income. (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 is an