The charter for Zimott. Inc., authorizes the company to issue 750,000 shares of $6, no-par preferred stock and 850,000 shares of common stock with $4 par value. During its start-up phase, Zimott, Inc. completed the following transactions: Read the requirements. Record the transactions in the journal. Apr 6: Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $9, 350. Apr 12: Issued 800 shares of preferred stock for cash of $26,000. Apr 14: Issued 1, 800 shares of common stock in exchange for land with a market value of $20,000. Prepare the stockholders' equity section of Zimott's balance sheet at December 31, 2016. Assume that the company earned net income of $40,000 during this period