E Menu EBusinessCourse Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par value preferred stock ($4 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders' equity occurred July 1 issued 34,000 shares of common stock at $20 cash per share. 12 Issued 3,800 shares of common stock in exchange for equipment with a fair market value of $66,000 15 Issued 5,300 shares of preferred stock for cash at $47 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Debit Credit Description Date Jul.01 Paid-in-Capital in Excess of Par Value-Common Stock Issued shares of common stock ul.12 Cash Common Stock Equipment Organization Costs Paid-in-Capital in Excess of Par Value Common Stock Paid-in-Capital in Excess of Par Value-Preferred Stock Preferred Stock Jul.15