Stockholders' Equity: Transactions and Balance Sheet Presentation Torey 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 80,000 shares of common stock at $40 cash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in 3 organizing the corporation. The services were valued at $31,000. Issued 3,000 shares of common stock in exchange for equipment with a fair market value of 8 $55,000 20 issued 6,000 shares of preferred stock for cash at $80 per share. Required b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $60,000. $ 725,000 Stockholders' Equity Paid in Capital Preferred Stock Common Stock Additional Paid-in-Capital Pald-In-Capital in Excess of Par value - Preferred Stock Pald-in-Capital in Excess of Par value - Common Stock Total Pald-in-Capital Retained Earnings Total Stockholders' Equity 3,041,000 3,766,000 60,000 $ 3,826,000