Stockholders' Equity: Transactions and Balance Sheet Presentation Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no par value preferred stock (54 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 32,000 shares of common stock at $18 cash per share. 12 Issued 3.600 shares of common stock in exchange for equipment with a fair market value of $64,000. 15 Issued 6,000 shares of preferred stock for cash at $45 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 Common Stock Issued common stock for equipment. Jul. 15 Cash Common Stock Equipment Organization Costs Paid-in-Capital in Excess of Par Value - Common Stock Paid-in-Capital in Excess of Par Value - Preferred Stock Preferred Stock b. Pred ret at July 31. The net income for July is $39,000. Paid in b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is $39,000 Stockholders' Equity Paid in Capital Additional Paid-in-Capital Paid-in-Capital in excess of Par value - Common Stock Preferred Stock Common Stock Retained Earnings Total Stockholders' Equity Total Paid-in-Capital Previous Save Answers