P8-3 Tidal Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 70,000 shares of common stock for cash at $4 per share. Jan. 10 Issued 12,000 shares of preferred stock for cash at $53 per share. Mar. 1 Issued 120,000 shares of common stock for cash at $6 per share. May 1 Issued 5,000 shares of common stock for cash at $5 per share. Sept. 1 Issued 3,000 shares of preferred stock for cash at $56 per share. Nov. 1 Instructions (a) Prepare a tabular summary to record the transactions. (b) Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2017