b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $49,000. Stockholders' Equity Paid in Capital Preferred Stock $ 350,000 x Common Stock . 485,000 X $ 835,000 x Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock 35,000 X Paid In-Capital in excess of Par value - Common Stock 946,000 X 981.000 x Total Paid-in Capital 1,816,000 X Retained Earnings 50,000 X Total Stockholders' Equity $ 1,866,000 X Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of par value common stock. During April, the following transactions affecting stockholders equity occurred Apr. 1 issued 82,000 shares of common stock at 517 cash pershare. 3 Issued 2.200 shares of common stock to attorneys and promoters in exchange for their services in organising the corporation. The services were valued at $33.000 8 Issued 5,000 shares of common stock in exchange for equipment with a fair market value of $50,000, 20 Issued 8.000 shares of preferred stock for cash at 555 per share