The charter for Zelkin, Inc., authorizes the company to issue 200,000 shares of $3, no-par preferred stock and 900,000 shares of common stock with $1 par value. During its start-up phase, Zelkin, Inc. completed the following transactions: (Click on the icon to view the transactions) Read the requirements. 2018 Apr 6 Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $8,500. 12 Issued 550 shares of preferred stock for cash of $28,000. 14 Issued 1,100 shares of common stock in exchange for land with a market value of $23,000. | 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of Zelkin's balance sheet at December 31, 2018. Assume the company earned net income of $38,000 during this period. Print Com Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $8,500. Journal Entry Date Accounts Debit Credit Apr Apr 12: Issued 550 shares of preferred stock for cash of $28,000. Journal Entry Date Accounts Debit Credit Apr 12|| Apr 14: Issued 1,100 shares of common stock in exchange for land with a market value of $23,000. Journal Entry Date Accounts Debit Credit Apr Requirement 2. Prepare the stockholders' equity section of Zelkin's balance sheet at December 31, 2018. Assume the company earned net income of $38,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital: Total stockholders' equity