eCampus ePortfolios Community Content Collection 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 $5 par value common stock. During April, the following transactions affecting stockholders equity occurred Apr. 1 Issued 80,000 shares of common stock at s20 cash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000 8 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of s55,000 . 20 Issued 6,000 shares of preferred stock for cash at $60 per share. Required b. Prepare the stockholders equity section of the balance sheet at April 30. Assume that the net income for April is $51,000 Stockholders' Equity Paid in Capital Preferred Stock S300,000 Common Stock x 425,000 Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock 60,000 Paid-in-Capital in Excess of Par value Common Stock 1,261,000 x Total Paid-in-Capital 2,046,000 Retained Earnin 51,000 Total Stockholders Equity $ 2097,000