Flint 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 81,000 common shares at $4.00 per share.
Mar.	1		Issued 5,300 preferred shares at $112 per share.
Apr.	1		Issued 23,100 common shares for land. The land's asking price was $103,400 and its appraised value was $92,400.
June	20		Issued 75,000 common shares at $5.00 per share.
July	7		Issued 10,100 common shares to lawyers to pay for their bill of $50,500 for services they performed in helping the company organize.
Sept.	1		Issued 10,500 common shares at $5.00 per share.
Nov.	1		Issued 1,000 preferred shares at $116 per share.

Part 1

Journalize 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.)

Part 2

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

Part 3

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.)

Part 4

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 of common shares.