Stockholders' Equity: Transactions and Balance Sheet Presentation Baker Corporation was organized on July 1, with an authorization of 50,000 shares of $5 no par value preferred stock (55 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders' equity occurred: July 1 Issued 62,000 shares of common stock at 521 cash per share. 12 issued 7,000 shares of common stock in exchange for equipment with a fair market value of 571.000. 15 Issued 10,000 shares of preferred stock for cash at $40 per share. Required a. Prepare journal entries to record the foregoing transactions General Journal Date Description Jul. 01 Debit Credit Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock Jul 12 Common Stock OOOOOO Issued common stock for equipment. Jul 15 Issued shares of preferred stock. b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is $52,000. Stockholders' Equity Paid in Capital My JUUSLIINIUMS Zainab Albusu Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Jul 12 Common Stock Issued common stock for equipment. Jul.15 Issued shares of preferred stock. b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is $52,000. Stockholders' Equity Paid in Capital Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Common Stock Ooooo Check Previous Save Answers Finish attempt