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. Debit $ 1,394,000S Credit 0 . 400,000 x 22,000 x 0 x OX Required a. Prepare journal entries to record the above transactions. General Journal Date Description Apr 01 Cash Common Stock Paid-in-Capital in Excess of Par Value-Common Stock Issued shares of common stock. Apr 03 Organization Costs Common Stock Pald-in Capital in Excess of Par Value - Common Stock Issued common stock for organization costs, Apr 08 Equipment Common Stock Paid-in-Capital in Excess of Par Value - Common Stock- 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. OX OX 0 0 X OX OX 0 OX 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 + S OX Common Stock 0 x $ * Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock OX Paid-in-Capital in Excess of Par value - Common Stock OX OX Total Paid-in-Capital Ox Retained Earnings OX Total Stockholders' Equity $ Ox e