Benton Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 186,000 common shares for $1.40 per share. 12 Issued 54,000 common shares for $1.80 per share. 17 Issued 9,300 preferred shares for $25.00 per share. 18 Issued 466,000 common shares for $2.00 per share. 24 Repurchased 183,000 common shares at $1.90 per share. 31 Issued 9,800 common shares in exchange for $14,700 of legal services. Account Titles and Explanation Debit Credit Common Shares 260400 260400 Cash \begin{tabular}{|r|} \hline 97200 \\ \hline \end{tabular} Common Shares Preferred Shares 232500 Common Shares \begin{tabular}{|l|l|} \hline Jan.24 .0mmon Shares & 334273 \\ \hline Retained Earnings & Cash \\ \hline Jan.31 & Professional Fees Expense \\ \hline Common Shares & 13427 \\ \hline \end{tabular} 932000 232500