(Please explain/show work)

Stockholders' Equity: Transactions and Balance Sheet Presentation Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par value preferred stock ($4 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders' equity occurred July 1 Issued 35,000 shares of common stock at $21 cash per share. 12 Issued 3,900 shares of common stock in exchange for equipment with a fair market value of $67,000 15 Issued 9,000 shares of preferred stock for cash at $44 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Debit Credit Date Description Jul.01 Cash Common Stock Paid-in-Capital in Excess of Par Value Common Stock ssued shares of common stock Jul.12 Equipment Common Stock ssued common stock for equipment. Jul.15 Cash Preferred Stock Issued shares of preferred stock. b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is $42,000 Stockholders' Equity Paid in Capital Preferred Stock 0 $ Common Stock Additional Paid-in-Capital Paid-in-Capital in Excess of Par value Common Stock Total Paid-in-Capital Retained Earnings Total Stockholders' Equity