Navy Stores is authorized to issue 14,000 shares of common stock. During a two-month period, Navy completed these stock transactions: (Click the icon to view the transactions. Read the requirements Journal Entry Date Accounts Debit Credit Aug 23 Cash 37,500 Common Slack 2.500 Paid-in Capital in Excess of Par - Comman 35.000 Next, jurnalize the transaction on October 12. Journal Entry Date Accounts Debit Credit 12 Inventory 17,000 Equipment 47,000 Common Stack 3.700 Paid-in Capital in Excess of Par-Common 80,300 Requirement 2. Prepare the stockholders' equity section of Navy's balance sheet for the transactions. The company's Retained Earnings account has a balance of $48,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Balance Sheet (Partial) Stockholders' Equity: par Shares [ 7shares Total pald-in capital Total stockholders' equity Data Table Aug Oct 23 Issued 2,500 shares of $1.00 par common stock for cash of $15.00 per share. 12 Received inventory with a market value of $17,000 and equipment with market value of $47,000 for 3,700 shares of the $1.00 par common stock. Print Done Requirements 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Navy's balance sheet for the transactions. The company's Retained Earnings account has a balance of $46,000. Print Done