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 shared of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Issues 80,000 shares of common stock at $20 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 stock in exchange for equipment with a fair market value of $55,000. issued 6,000 shares of preferred stock for cash at $60 per share. Required: Prepared Journal entries to record the above transactions. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $51,000. DESCRIPTION Cash (80.000 times $20) Common stock (8.000 times $5) Paid-in capital in excess of par-common stock Organization cost Common stock Paid-in capital in excess of par-common stock Equipment Common stock Pain-in capital in excess of par-common stock Cash Preferred stock Paid-in capital in excess of par preferred stock