Culver Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 82,000 common shares at $5.50 per share. Mar. 1 Issued 5,000 preferred shares at $116 per share. Apr. 1 Issued 23,000 common shares for land. The land's asking price was $136,500 and its appraised value was $126,500. June 20 Issued 78,000 common shares at $4.00 per share. July 7 Issued 11,200 common shares to lawyers to pay for their bill of $44,800 for services they performed in helping the company organize. Sept. 1 Issued 10,600 common shares at $4.50 per share. Nov. 1 Issued 1,500 preferred shares at $117 per share. ournalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Open general ledger accounts and post to the shareholders' equity accounts.

Preferred Shares
Date	Explanation	Ref	Debit	Credit	Balance
Mar. 1		J1
Nov. 1		J1
Common Shares
Date	Explanation	Ref	Debit	Credit	Balance
Feb. 10		J1
Apr. 1		J1
June 20		J1
July 7		J1
Sept. 1		J1

Determine the number of shares issued and the average per share amount for both common and preferred shares. (Round average per share to 2 decimal places, e.g. 52.75.)

		No. of Shares		Average per share
Preferred Shares				$
Common Shares				$

How many more shares is the company authorized to issue for each class of shares?

The company is authorized to issue an additional preferred shares and an unlimitedlimited number