The charter for Zycor, Inc., authorizes the company to issue 100,000 shares of S6, no-par preferred stock and 600,000 shares of common stock with S1 par value. During its start-up phase, Zycor, Inc. completed the following transactions: (Click on the ioon to view the transactions) Read the requirements Requirement 1. Record the transactions in the joumal. (Record debits first, then credilts. Exclude explanations from any loumal entries.) Apr 6: Issued 575 shares of common stock to the promoters who organized the corporation, receiving cash of $19,550 Journal Entry Date Accounts Debit Credit Apr 2016 Apr 6 Issued 575 shares of common stock to the promoters who organized the corporation receiving cash of $19,550. 12 Issued 800 shares of preferred stock for cash of S30,000. 14 Issued 2,000 shares of common stock in exchange for land with a market value of $27,000 Requirements 1. Record the transactions in the journal. Print Done 2. Prepare the stockholders' equity section of Zycors balance sheet at December 31, 2016. Assume that the company earned net income of $34,000 during this period. Print Done