(Learning Objectives 2, 6: Account for issuance of stock; prepare the stockholders equity section of a balance sheet) Colonel Sporting Goods is authorized to issue 18,000 shares of common stock. During a two-month period, Colonel completed these stock-issuance transactions:

		April 23- Issued 3,000 shares of $1.00 par common stock for cash of $14.50 per share.
		April 12 -Received inventory valued at $14,000 and equipment with market value of $44,000 for 3,200 shares of the $1.00 par common stock. Requirements 1.Prepare the stockholders equity section of Colonel Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $48,000. Journal entries are not required.