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 84,000 shares of common stock at $15 cash per share. 3 Issued 6,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $36,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $52,000. 20 Issued 10,000 shares of preferred stock for cash at $60 per share. Required a. Prepare journal entries to record the above transactions. Date General Journal Description Debit Credit Apr.01 Cash Common Stock = $ 1,600,000 $ 0 0 Paid-in-Capital in Excess of Par Value - Common Stock 0 40,000 x 1,200,000 x Issued shares of common stock. Apr.03 Organization Costs Common Stock Paid-in-Capital in Excess of Par Value - Common Stock 31,000 x 0 0 0 10,000 x 21,000 x Issued common stock for organization costs. Apr.08 Equipment Common Stock Paid-in-Capital in Excess of Par Value - Common Stock 55,000 x 0 0 0 15,000 40,000 x Issued common stock for equipment. Apr.20 Cash Preferred Stock 360,000 x 0 0 300,000 *