Part1)

Part2)

Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr e d 83.000 shares of common stock at $15 cash per share 3 issued 5.000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $34.000 S e d 4000 shares of common stock in exchange for equipment with a fair market value of $51.000 20 issued 9,000 shares of preferred stock for cash at 555 per share. Required a. Prepare journal entries to record the above transactions General Journal Date Description Apron Debit Credit Paid in Capital in Excess of Par Value. Common Stock issued shares of common stock Common Stock issued common stock for organization costs Common Stock c on stock for equament Preferred Stock und shares of preferred stock