Stockholders' Equity Transactions and Balance Sheet Presentation Tunic 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: Ar 1 0 .000 pares of stock 515 cash per share 3 issued 3.000 stares of common stock to attomes and promoters in exchange for their services in organizing the corporation. The services were valued at $32.000 issued 4,000 shares of common stock in exchange for equipment with a firmarket value of $49.000 20 7.000 shares of preferred stock for cash at 55 per share Required a. Prepare journal entries to record the above transactions General journal Date Description Debit Credit Common Stock Pad-in-Capital in Euces Para issue shares of common Commons ISO man Issund C onforegiment issund shares of preferred b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is 550,000, Stockholders' Equity Support Additional Pad Capital Paidencialin E ss of Parve. Preferred Stock Paid in Capital in excess of Par value. Common Stock Check