Crane Corporation showed the following information on its financial statements on December 31, 2021:

Preferred Shares, no par value $8 cumulative, 420,000 shares authorized, 210,000 shares issued and outstanding		$37,800,000
Common Shares, no par value, unlimited shares authorized, 450,000 shares issued and outstanding		$13,950,000

The following transactions occurred, in the order given, during 2022:

(a)		April 15: Received subscriptions and down payments for 136,000 common shares at $40 per share. The subscription contracts call for 75% of the subscription price to be paid upon receipt, and the remaining 25% to be paid on June 30. In the event of default on the subscriptions, the company will retain the down payment.
(b)		May 1: Issued 120,000 preferred shares at $220 per share.
(c)		June 30: Received payment for 109,000 of the subscribed common shares; the remaining 27,000 defaulted. Issued the share certificates for the appropriate number of shares.
(d)		August 5: Repurchased and cancelled 31,000 common shares at a cost of $23 per share.
(e)		September 15: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $1.80 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1.
(f)		If the preferred shares had a $180 par value, what would be the journal entry for the May 1 issuance of preferred shares in part (b)?

Prepare the journal entries to record the above transactions for Crane Corporation for 2022