Colonial sporting goods is authorized to issue 19,000 shares of common stock. During a two month period.

June 23 issued 1,000 shares of $1.50 par common stock for cash of $14.50 per share

July 12 received inventory with a market value of $13,000 and equipment with market value of $38,000 for 3,100 shares of $1.50 par common stock

Retained earnings has a balance of $45,000

Prepare the stock holders equity section of the balance sheet for the above transactions

Journal the transactions