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Danielson Company reported the following stockholders equity section

Danielson Company reported the following stockholders equity section of the balance sheet on 1/1/15 (assume all common stock was issued on the same time):Common Stock, $3 par value, 16,000 shares issued and outstanding$ 48,000APIC – Common Stock 172,000Retained Earnings 153,000During 2015, Danielson Company engaged in the stock related transactions listed below:2/9: Danielson Company repurchases and retires 4,000 shares at a price of $10 per share5/29: Danielson Company repurchases and retires 6,100 shares at a price of $17 per share11/18: Danielson Company issues 3,800 shares at a price of $18 per shareInstructions:a.) On Jan 1, 2015, what is the average cost of shares issued?b.) Prepare the February 9th, May 29th and November 18th journal entriesc.) Prepare the stockholders equity section of the balance sheet on 12/31/14.

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