Can you please help me with this problem? I have attached a word document.

Issuance of stock Ventures Inc. was formed on January 1 to invest in artwork. The company is authorized to issue 10,000 shares of $1 par-value common stock and 1,000 shares of 10%, $50 par-value cumulative preferred stock. The following selected transactions occurred during the first quarter of operation: Jan. 3 Sold 5,600 shares of common stock to the corporation's founders at $30 per share. Jan 19 Sold 600 shares of preferred stock at $70 per share. Feb. 4 Issued 100 common shares to an attorney for $4,200 of legal work related to corporate start-up and formation. Feb 11 Issued 2,000 shares of common stock to Pierre LaTour in exchange for a painting appraised at $75,000. The art originally cost LaTour $30,000. Instructions a Prepare journal entries to record the company's transactions. b Prepare the stockholders' equity section of the firm's March 31 balance sheet. The Retained Earnings balance on this date totals $41,000. c The president of Ventures believes that organization costs should be expensed immediately. Briefly explain why the president's view is incorrect. 3-Jan Cash Common stock Paid-in-capital in excess of par common stock Jan. 19 Cash Preferred stock Paid-in-capital in excess of par- Preferred stock 4-Feb Organization costs Common stock Paid-in-capital in excess of par common stock Investment in art work Common stock Paid-in-capital in excess of par common stock Stockholders Equity Common stock, $1 par-value, authorized 10,000 shares, shares issued and outstanding Preferred stock,10%, $50 par, authorized 1000 shares shares issued and outstanding Total Capital Stock Paid-in-Capital in excess of par: Common stock Preferred stock Total Paid-in-Capital Retained earnings Total Shareholders Equity