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: On January 2, ABC partnership incorporated into ABC Corporation and had its first share issuing on that date of 300,000 common shares and 60,000 preferred shares that have a $4.00 annual cumulative dividend. The common shares sold for $5.50 each and the preferred shares sold for $70 each. On March 1, common shares were trading at $6.60 and on March 1 the corporation issued 30,000 common shares in exchange for legal services that would have normally been billed for a total cost of $150,000. On September 10, ABC Corporation repurchased 50,000 common shares for $3.60 each from the market. On December 1, the company declared a dividend to its shareholders of $400,000. For Part 3 of this question, what amount will be debited on September 10?

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