Army Navy Stores is authorized to issue 14,000 shares of common stock. During a two-month period, Army Navy completed these stock transactions: (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 Date May 23 Cash Common Stock Journal Entry Accounts Paid-in Capital in Excess of Par - Common Data table Debit Credit 15600 1200 14400 May July 23 Issued 1,200 shares of $2.50 par common stock for cash of $13.00 per share. 12 Received inventory with a market value of $15,000 and equipment with market value of $48,000 for 3,300 shares of the $2.50 par common stock. 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 $47,000. Print Done