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. 1ssued 80,000 shares of common stock at $15 cash 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 Issued 3.000 shares of common stork in exchange for equipment with a fair market value of $48.000 20 issued 6000 shares of preferred stock for cash at $55 per share Required a. Prepare journal entries to record the above transactions Date Apr 01 Cash General Journal Description Debit Credit 0x5 Common Stock Paid-in-Capital in Excess of Par Value Common Stock Issued shares of common stock Apr 03 Organization Costs Common Stock 0x Paid-in-Capital in Excess of Par Value Common Stock sued common stock for organization costs Apron Equipment Common Stock Paid in Capital in Excess of Par Value Common Stock 0% Issued common stock for equipment Apr 20 Cash Preferred Stock Paid-in-Capital in Excess of Par Value Preferred Stock Issued shares of preferred stock + D OM b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $49,000. Stockholders' Equity Paid in Capital Preferred Stock Common Stock Additional Paid-in-Capital 0x5 0x Paid-m-Capital in Excess of Par value-Preferred Stock 0x Paid-in-Capital in Excess of Par value Common Stock 0x 0 M Total Paid-in Capital Retained Earnings Total Stockholders' Equity Check $ 0 M