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 Grouper 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 $4.50 per share. Mar. 1 Issued 5,000 preferred shares at $113 per share. Apr. 1 Issued 22,700 common shares for land. The land's asking price was $113,150 and its appraised value was $102,150. June 20 Issued 77,000 common shares at $4.50 per share. July 7 Issued 10,200 common shares to lawyers to pay for their bill of $45,900 for services they performed in helping the com Sept. 1 Issued 10,800 common shares at $5.00 per share. Nov. 1 Issued 1,400 preferred shares at $116 per share