Crane Corporation was organized on January 1, 2022. It is authorized to issue 25,200 shares of \$3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. Jan. 1 Issued 100,800 common shares for cash at $3 per share. Mar. 1 Issued 14,200 preferred shares for cash at $54 per share. May 1 Issued 151,200 common shares for cash at \$5 per share. Sept. 1 Issued 6,300 common shares for cash at $6 per share. Nov. 1 Issued 4,700 preferred shares for cash at $56 per share. Dec. 1 Declared the annual preferrigs dividend to the preferred shareholders, to shareholders of record on December 15 , payable on January 15, 2023. Dec. 31 Reported net income of $186,600 for the year. DateJan.1 Account Titles and Explanation Debit Credit