The charter for Zax, Inc., authorizes the company to issue 700,000 shares of $12, no-par preferred stock and 1,800,000 shares of common stock with $10 par value. During its start-up phase, Zax, Inc. completed the following transactions (Click on the icon to view the transactions) Read the requirements Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $10.200. Journal Entry Accounts Debit Credit Date Apr 6 . Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of Zax's balance sheet at December 31, 2018. Assume the company earned net income of $34,000 during this period. - X More Info 2018 Apr 6 Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $10,200. 12 Issued 600 shares of preferred stock for cash of $21,000. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $24,000 Print Done 3