Prepare the stockholders' equity section of the Cherry Blossom balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $ 70 comma 000 at April 30, 2018

The charter of Cherry Blossom Corporation authorizes the issuance of 800 shares of preferred stock and 2.200 shares of common stock. During a two-month period, Cherry Blossom completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $1 par value common stock for cash of $18 per share. Date Accounts and Explanation Mar. 23 Cash Common Stock-$1 Par Value Paid-in Capital in Excess of Par-Common 250 4.250 Issued common stock for cash. Apr 12: Received inventory with a market value of $26,000 and equipment with a market value of $14,000 for 360 shares of the $1 par value common stock Date Accounts and Explanation Debit Credit Apr. 12 Inventory 26,000 Equipment 14,000 Common Stock-$1 Par Valur Read the requirements. Date Accounts and Explanation Debit Credit Apr. 12 26,000 14,000 Inventory Equipment Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for inventory and equipment 360 39,640 Debit Apr. 17: Issued 800 shares of 5%, $50 par value preferred stock for $50 per share. Date Accounts and Explanation Apr. 17 Cash Preferred Stock-$50 Par Value Crellit 40,000 40,000 Issued preferred stock for cash. the charter of Cherry Blossom Corporation authorizes the issuance of 800 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Cherry Blossom completed these stock-issuance transactions: Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare the stockholders' equity section of the Cherry Blossom balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $70,000 at April 30, 2018. Cherry Blossom Corporation Balance Sheet (Partial) April 30, 2018 Stockholders' Equity Paid-in Capital: Preferred Stock-5%, $50 Par Value; 800 shares authorized, issued, and outstanding 40.000 Common Stock-$1 Par Value; 2,200 shares authorized, 610 shares issued and outstanding 610 Pald-in Capital in Excess of Par Common 36,640 Total Paid-in Capital 77.250 Retained Earnings 70,000 Total Stockholders' Equity 147,250