Question Help E13-24 (similar to) The charter of Magnolia Corporation authorizes the issuance of 1,000 shares of preferred stock and 3,500 shares of common stock. During a two-month period, Magnolia completed these stock-issuance transactions: (Click the icon to view the transactions) RO X - * Requirements Select the explanation on the R lal M Credit 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Magnolia balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $71,000 at April 30, 2018. Print Done X Mar. 23 Apr. 12 Apr. 17 Issued 220 shares of $3 par value common stock for cash of $16 per share. Received inventory with a market value of $26,000 and equipment with a market value of $16,000 for 300 shares of the $3 par value common stock Issued 1,000 shares of 5%, $30 par value preferred stock for $30 per share. CH Print Done