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 82,000 shares of common stock at $17 cash per share. 3 Issued 2,200 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $33,000. 8 Issued 5,000 shares of common stock in exchange for equipment with a fair market value of $50,000. 20 Issued 8,000 shares of preferred stock for cash at $55 per share. Required a. Prepare journal entries to record the above transactions. General Journal Date Apr.01 Cash Common Stock Description Debit Credit 1,350,000 * $ 0 Paid-in-Capital in Excess of Par Value - Common Stock 0 450,000 x 900,000 x Issued shares of common stock. Apr.03 Organization Costs 32,000 x Common Stock Paid-in-Capital in Excess of Par Value - Common Stock 0 0 0 15,000 x 17,000 x Issued common stock for organization costs. Apr.08 Equipment 49,000 x Common Stock 0 Paid-in-Capital in Excess of Par Value - Common Stock 0 0 20,000 x 29,000 x Issued common stock for equipment. Apr.20 Cash Preferred Stock Paid-in-Capital in Excess of Par Value - Preferred Stock 385,000 x 0 0 0 350,000 x 35,000 x Issued shares of preferred stock. b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $49,000. Paid in Capital Stockholders' Equity Common Stock Preferred Stock = 485,000 x 835,000 x $ 350,000 x Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock 35,000 x Paid-in-Capital in Excess of Par value - Common Stock 346,000 x Total Paid-in-Capital Retained Earnings = 0 x 981,000 x 49,000 Total Stockholders' Equity $ 1,865,000