In Stockholders' Equity: Transactions and Balance Sheet Presentation Beaker Corpo ornganized on July I, with an authorization of 50,000 shares of $5 no-par value preferred stock (s is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the followin transactions affecting stockholders' equity occurred: oration was 6 P11-2B. Issued 31,000 shares of common stock at $21 cash per share. 12 Issued 3,500 shares of common stock in exchange for equipment with a fair market July 1 value of $71,000 15 Issued 5,000 shares of preferred stock for cash at $40 per share. Required a. Prepare journal entries to record the foregoing transactions. b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is $52,000