Culver Corporation began operations on April 1 by issuing 52,800 shares of $5 par value common stock for cash at $16 per share. In addition, Culver issued 2,900 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit April 1 (To record issuance of common shares) April 1 (To record issuance of preferred shares)