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Assignment Ch. 11 Question 1 of 4 3.4/8 View Policies Show Attempt History Current Attempt in Progress Greencastle 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: 10 Jan. Mar. May June 1 1 1 July 24 Issued 980.000 common shares for $2 per share. Issued 18,000 preferred shares for $50 per share. 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. Issued 34.700 common shares for $129,000 cash and used equipment. The equipment would have cost $27.000 if Remmers had purchased it new and a recent appraisal determined that the equipment had a fair value of $14,500. The common shares were trading for $4 per share on this date. Issued 10.000 common shares for $5 per share. Issued 3.900 preferred shares for $50 per share. Repurchased and retired 14,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Declared a $65.000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. Reported net income of $1.21 million for the year. 4 Sept. Nov. 1 20 Dec. 14 31 (a) Your answer is partially correct. 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 Ofor the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to O decimal places.) Transaction entries: Date Account Titles and Explanation Debit Credit Jan. 10 Cash 1960000 Common Shares 15 Mar. 1 Cash 900000 Preferred Shares May 1 Cash 735000 Common Shares June 1 Common Shares 22000 Cash Contributed Surplus July 24 Cash 129000 Equipment 9800 Common Shares Sept. 4 Cash 50000 Common Shares Nov. 1 Cash 195000 Preferred Shares Nov. 20 Common Shares 31780 Contributed Surplus 2000 Retained Earnings 22220 Cash Dec 14 Dividends Declared 65000 Dividends Payable Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 Retained Earnings 65000 Dividends Declared 65000 (To close cash dividends) Dec. 31 Income Summary 1210000 Retained Earnings 1210000 (To close profit) e Textbook and Media List of Accounts Attempts: 5 of 5 used (b) Your answer is partially correct. Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Mar. 1 900000 Nov. 1 V 195000 Dec 31 Bal. 1095000 Common Shares June 1 22000 Jan. 10 1960000 Nov. 20 31780 May 1 900000 July 24 129000 Sept 4 50000 Dec 31 Bal. 3039000 Contributed Surplus Dividends Declared Nov. 20 June 1 V Dec. 31 CE Dec 31 CE Retained Earnings e Textbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above