P13-2A The partnership of Duran & Nueces needed additional capital to expand into new markets, so the business incorporated as Ventura. Inc. The charter from the state of Arizona authorizes Ventura to issue 50.000 shares of 6%, $100-par preferred stock and 100.000 shares of no-par common stock. To start, Ventura completed the following trans- actions: Dec. 2 Issued 9,000 shares of common stock to Duran and 12,000 shares to Nueces, both for cash of $5 per share. 10 Issued 400 shares of preferred stock to acquire a patent with a market value of $50,000. 27 Issued 12.000 shares of common stock to other investors for cash of $96,000. Required 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Ventura, Inc., balance sheet at December 31. The ending balance of Retained Earnings is $57,100.