- More info 2018 Apr 6 Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $10,200. 12 Issued 700 shares of preferred stock for cash of $24,000. 14 Issued 1,800 shares of common stock in exchange for land with a market value of $18,000. The charter for Zycor, Inc., authorizes the company to issue 400,000 shares of S9, no-par preferred stock and 900,000 shares of common stock with $3 par value. During its start-up phase, Zycor, Inc. completed the following transactions: (Click on the icon to view the transactions) Read the requirements Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any joumal entries.) Apr 6: Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $10,200. Journal Entry Date Accounts Debit Credit Apr 10,200 Comman stock 900 Pald-in capital in excess of par-common 9.300 Cash Apr 12: Issued 700 shares of preferred stock for cash of $24,000 Journal Entry Date Accounts Debit Apr 24,000 Preferred stock Credit 12 Cash 24,000 Apr 14: Issued 1,800 shares of common stock in exchange for land with a market value of $18,000. Journal Entry Date Accounts Debit Credit Apr 14 Land 18,000 Comman stock 5,400 Pald-in capital in excess of par-common 12,600 Requirement 2. Prepare the stockholders' equity section of Zyoor's balance sheet at December 31, 2018. Assume the company earned net income of $40,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Pald-in capital: Preferred stock, S9, no-par, shares issued and 400000 shares authorized 700 outstanding Common stock, Spar, shares issued and 900000 shares authorized, 2100 Outstanding Paid-in capital in excess of par-common Total pald-in capital Retained earnings Total stockholders' equily