Question 1 Incomplete answer Marked out of 1.00 P Flag question 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. 1 Issued 80,000 shares of common stock at $20 cash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in 3 organizing the corporation. The services were valued at $31,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 Issued 6,000 shares of preferred stock for cash at $60 per share. Support $ Debit 1,600,000 $ 0 0 Credit 0 400,000 1,200,000 0 Required a. Prepare journal entries to record the above transactions. General Journal Date Description Apr 01 Cash # Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Apr.03 Cash Common Stock Organization Costs Issued common stock for organization costs. Apr.08 Equipment Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued common stock for equipment. Apr 20 Cash Preferred Stock Paid-in-Capital in Excess of Par Value - Preferred Stock Issued shares of preferred stock. 31,000 0 0 10,000 21,000 55,000 15,000 40,000 0 360,000 0 0 300,000 60,000 b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $51,000. Stockholders' Equity Paid in Capital Credit $ Debit 1.600.000 $ 0 0 400,000 1.200.000 31,000 a. Prepare journal entries to record the above transactions. General Journal Date Description Apr 01 Cash Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Apr.03 Cash Common Stock Organization Costs Issued common stock for organization costs. Apr.08 Equipment Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued common stock for equipment Apr.20 Cash Preferred Stock Paid-in-Capital in Excess of Par Value - Preferred Stock - Issued shares of preferred stock. 10,000 21,000 Support 55,000 0 15,000 40,000 0 360,000 300,000 60,000 0 b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $51,000. Stockholders' Equity Paid in Capital Common Stock - $ 0 05 Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock Paid-in-Capital in Excess of Par value - Common Stock Please answer all parts of the question. Check Save Answers Finish attempt