(Learning Objectives 2, 6: Account for issuance of stock; report stockholders equity) Pryor Sales, Inc., is authorized to issue 190,000 shares of common stock and 10,000 shares of preferred stock. During its first year, the business completed the following stock issuance transactions: Jul 19 Issued 12,000 shares of $4.00 par common stock for cash of $12.00 per share. Oct 3 Issued 600 shares of $3.00 no-par preferred stock for $62,000 cash. 11 Received inventory valued at $16,000 and equipment with market value of $8,500 for 3,600 shares of the $4.00 par common stock. Requirement 1. Journalize the transactions. Explanations are not required. Prepare the stockholders equity section of Pryor Sales balance sheet. The ending balance of retained earnings is a deficit of $40,000.