Stockholder's 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 stockholder's equity occurred: Apr 1 Issues 80,000 shares of common stock at $20 case per share. 3 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 stockholder's equity section of the balance sheet at April 30. Assume that the net income for April is $51,000