Lowell Corp has two classes of shares: common and preferred Journalize the corporation's March 22 issuance of 1.2,500 common shares for $100.00 per share. 2.2,500 preferred shares for a total of 533,000. 1. Record the journal entry to issue the 2,500 common shares for $100.00 per share. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit 250,000 250,000 Date Mar 22 Cash Common Shares 2. Record the journal entry to issue the 2,500 preferred shares for a total of $33,000. Journal Entry Date Accounts Debit Credit Mar 22