Army Navy Stores is authorized to issue 11,000 shares of common stock. During a two-month period, Army Navy completed these stock transaction (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by Journalize the transaction on May 23. (Record debits first, then credits. Exclude explanations from any Journal entries.) Journal Entry Accounts Debit Credit May 23 Cash Common Stock Pald-in Capital in Excess of Par-Comm Date Requirements 1. Journalize the transactions 2. Prepare the stockholders' equity section of Army Navy's balance sheet for the transactions. The company's Retained Earnings account has a balance of $51.000 Print Done 1 Data Table May July 23 Issued 1,200 shares of $2.00 par common stock for cash of $17.50 per share. 12 Received inventory with a market value of $12,000 and equipment with market value of $38,000 for 3.400 shares of the $2.00 par common stock Print Done