Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, sS50 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 B0,000 shares of common stack at 320 cash per share. 3Issued 2,000 shares of common stock to attorneys and promaters 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 lair 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 Paid-in-Capital in Excess of Par Value Common Stock Issued shares of common stack Apr.03 Common Stock Issued common stock for organization costs Apr.08 Common Stock Issued common stock for equipment. Apr.20 Preferred Stock 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 $51,000 Stockholders' Equity Paid in Capital Additional Paid-in-Capital Paid-in-Capital in Excess of Par value- Preferred Stock Paid-in-Capital in Excess of Par value- Common Stock Check