USE AVERAGE COST FOR COMMON SHARES ON DEC 15 AND FIND RETAINED EARNINGS

Monty Ltd. was incorporated on January 1, 2022. During the year the company entered into the following transactions: Jan 5 Issued 60.000 common shares for $2.50 per share. Jan 20 Issued 2,500 common shares to settle legal expenses. The value of the legal expenses was $9,375. Feb 10 Issued 11,000 preferred shares for $50.00 per share. Aug 12 Repurchased 15,000 common shares for $2.40 per share. Oct 1 Issued 4.900 common shares for $2.25 per share. Dec 31 Repurchased 37,500 common shares for $2.65 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share to 2 decimal places, eg. 5.75 and final answers to 0 decimal places, eg. 5,275.) Common Shares \begin{tabular}{|} 9375 \\ \hline \end{tabular} Preferredshares Aug 12 Common Shares Contributed Surplus Cash \begin{tabular}{|} \hline 30250 \\ \hline \end{tabular} 550000 Cash 11025 Common Shares Common Shares. Contributed Sarphis Retalned Earninga Cash