Elkhardt 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 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. Repurchased and retired 11,000 common shares at $2 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Mar. 1 May 1 June 1 July 24 Sept. 4 Nov. 1 Dec 20 Jan, 10 14 Mar. 1 31 May 1 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 D for the amounts. Round average cost per shore to 2 decimal palces es. 2.25 and final answers to 0 decimal places) Show Transcribed Text Issued 30,800 common shares for $123,000 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 Your answer is partially correct V July 24 Issued 11.000 common shares for $5 per share. Issued 4.400 preferred shares for $50 per share June 1 v Sept 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. Nov 1 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 $1.20 million for the year, Cash Common Shares Cash v Preferred Shares Cash Common Shares Common Shares Retained Earnings Cash Cash Equipment Common Shares Cash Common Shares Cash 1940000 900000 727500 22000 2200 123000 14500 35000 220000