P11-2A. Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was or L ganized on April 1, with an authorization of 25,000 shares of six percent, S50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transaction:s affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $20 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their 8 20 Issued 6,000 shares of preferred stock for cash at $60 per share. services in organizing the corporation. The services were valued at S31,000. Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. Required a. Prepare journal entries to record the above transactions. b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is S51,000