The charter for Zeffer, Inc., authorizes the company to issue 500,000 shares of $7, no-par preferred stock and 1,1 00,000 shares of common stock with $1 par value. During its start-up phase, Zeffer, Inc., completed the following transactions: 2012 Apr 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. 12 Issued 650 shares of preferred stock for cash of $28,000. 14 Issued 1,800 shares of common stock in exchange for land with a market value of $22,000. Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders equity section of Zeffers balance sheet at December 31, 2012. Assume that the company earned net income of $38,000 during this period.