Please explain!

4,800 More Info - X 2018 Apr 6 Issued 350 shares of common stock to the promoters who organized the corporation, receiving cash of $11.900. 12 Issued 800 shares of preferred stock for cash of $23,000. 14 Issued 1,600 shares of common stock in exchange for land with a market value of $27,000. Print Done 61.900 The charter for Zenith, Inc., authorizes the company to issue 100,000 shares of $9, no-par preferred stock and 1,000,000 shares of common stock with $3 par value. During its start-up phase, Zenith, Inc. completed the following transactions Click on the icon to view the transactions) Read the girements Common stock 4.800 Paid in capital in excess of par.common 22 200 Requirement 2. Prepare the stockholders' equity section of Zenithy's balance sheet at December 31, 2018. Assume the company earned net income of $42,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet) Stockholders' Equity Paid in capital Preferred stock, 59, no-par, 100.000 shares authorized 800 shares issued and outstanding $ 23,000 Common stock, $3 par 1.000.000 shares authorized 1,950 shares issued and outstanding 5,850 33,050 Pald-in capital in excess of par.common Total paid in capital 61,000 42,000 Retained eaming $ 100,000 Total stockholders equity