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Minor Company is authorized to sell 1,200,000 shares of $10 par value common stock and 60,000 shares of $100 par value 6 percent preferred stock. As of the end of the current year, the company has actually sold 550,000 shares of common stock at $12 per share and 40,000 shares of preferred stock at $110 per share. In addition, of the 550,000 shares of common stock that have been sold, 25,000 shares have been repurchased at $23 per share and are currently being held in treasury to be used to meet the future requirements of a stock option plan that the company intends to implement. a. Prepare the general journal entries required to record all of the above transactions. b. Prepare the stockholders' equity section of Minor's balance sheet to reflect the transactions you have recorded. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the general journal entries required to record all of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Credit Debit 6,600,000 Cash Common stock Additional paid-in capital - Common stock 5,500,000 1,100,000 OOO OOO 4,400,000 Cash Preferred stock Additional paid-in capital - Preferred stock 4,000,000 400,000 575,000 Treasury stock Cash 575,000 (Required A Required B > Minor Company is authorized to sell 1,200,000 shares of $10 par value common stock and 60,000 shares of $100 par value 6 percent preferred stock. As of the end of the current year, the company has actually sold 550,000 shares of common stock at $12 per share and 40,000 shares of preferred stock at $110 per share. In addition, of the 550,000 shares of common stock that have been sold, 25,000 shares have been repurchased at $23 per share and are currently being held in treasury to be used to meet the future requirements of a stock option plan that the company intends to implement. a. Prepare the general journal entries required to record all of the above transactions. b. Prepare the stockholders' equity section of Minor's balance sheet to reflect the transactions you have recorded. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of Minor's balance sheet to reflect the transactions you have recorded. Stockholders' Equity Common stock $ 5,500,000 Preferred stock 4,000,000 Additional paid-in capital - Common stock 1,100,000 Additional paid-in capital - Preferred stock Total paid-in capital Less: Treasury stock Total stockholders' equity $ 10,600,000 575,000 $10,025,000