Question 4 Partially correct Mark 4.67 out of 5.00 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 84,000 shares of common stock at $15 cash per share. 3 Issued 6,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $36,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $52,000. 20 Issued 10,000 shares of preferred stock for cash at $60 per share. Required a. Prepare journal entries to record the above transactions. Date General Journal Description Debit Credit Apr.01 Cash 1260000 $ 0 Common Stock Paid-in-Capital in Excess of Par Value - Common Stock 0 0 420000 840000 Issued shares of common stock. Apr.03 Organization Costs 36000 Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued common stock for organization costs. 0 0 0 30000 6000 Apr.08 Equipment 52000 0 Common Stock Paid-in-Capital in Excess of Par Value - Common Stock Issued common stock for equipment. 0 0 15000 37000 Apr.20 Cash 600000 0 Preferred Stock 0 500000 Paid-in-Capital in Excess of Par Value - Preferred Stock 0 100000