The charter for Zax, inc, authorizes the company to issue 250,000 shares of $2, no-par preferred stock and 1.050.000 shares of common stock with $1 par value, During its start-up phase, Zax, Inc. completed the following transactions: (i) (Click on the icon to view the transactions) Read the requirements Requirement 1. Record the transactions in the journal. (Rocord debits first, then credits. Exclude explanations from any journal entries.) Apr 6: issued 525 shares of common stock to the promoters who organized the corporation, receiving cash of $17,850. 2018 Apr 6 Issued 525 shares of common stock to the promoters who organized the corporation, receiving cash of $17,850. 12 Issued 600 shares of preferred stock for cash of $20,000. 14 Issued 2,000 shares of common stock in exchange for land with a market value of $21,000. 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 $31,000 during this period