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 Apr. 1 Issued 80,000 shares of common stock at $20 ceash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at 31,000 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000 20 Issued 6,000 shares of preferred stock for cash at $60 per share Required a. Prepare journal entries to record the above transactions General Journal Date Description Debit Credit Apr 01 ad-in-Capital in Excess of Par Value-Common Stock sued shares of common stock