s Exercise Tenth Inning Company organized as a corporation on June 15,2018. The State of Connecticut authorized Tenth Inning 5,500,000 shares of common and 110,000 of $4 no-par preferred stock. Tenth Inning assigned a par value of S1 per share for the common stock. Journalize the following transactions. Beginning Retained Earnings was $1,000,000. a. Issued 4,000,000 shares of stock to a major underwriter for $14 per share on June 15 b. Issued 100,000 shares of preferred stock for $800,000 on June 20 c. Received Inventory worth S900,000 and Equipment worth $800,000 for 50,000 common shares d. Declared a Common Dividend on September 30 of S.11 per share e. Paid the Dividend on October 15 Required: Prepare journal entries for the above transactions. Prepare the stockholders equity section of Tenth Inning's balance sheet as of December 31, 2018