Monty Corporation, a private corporation, was organized on February 1, 2016. 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 80,000 common shares at $5.50 per share.
Mar.	1		Issued 4,900 preferred shares at $112 per share.
Apr.	1		Issued 22,300 common shares for land. The land's asking price was $133,650 and its appraised value was $122,650.
June	20		Issued 79,000 common shares at $4.50 per share.
July	7		Issued 10,500 common shares to lawyers to pay for their bill of $47,250 for services they performed in helping the company organize.
Sept.	1		Issued 12,000 common shares at $5.50 per share.
Nov.	1		Issued 1,200 preferred shares at $120 per share.

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.)

Date Account Titles and Explanation Debit Credit Feb. 10 Cash 440000 Common Shares 440000 Mar. 1 Cash 548800 Preferred Shares 548800 Apr. 1 Land 122650 Common Shares 122650 Jun. 20 7 Cash 355500 Common Shares 355500 July 7 Legal Fees Expense 47250 Common Shares 47250 Sep. 1 Cash 66000 Common Shares 66000 Nov. 1 Cash 144000 Preferred Shares 144000 Open general ledger accounts and post to the shareholders' equity accounts. Preferred Shares Date Explanation Ref Debit Credit Balance Mar. 1 J1 548800 548800 Nov. 1 J1 144000 692800 Common Shares Date Explanation Ref Debit Credit Balance Feb. 10 J1 440000 440000 Apr. 1 01 122,650 562650 June 20 J1 355500 918150 July 7 J1 47,250 965400 Sept. 1 J1 66000 1031400 Determine the number of shares issued and the average per share 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 number of common shares