The charter of Cherry Blossom Corporation authorizes the issuance of 1,000 shares of preferred stock and 3,500 shares of common stock. During a two-month period, Cherry Blossom completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 220 shares of $3 par value common stock for cash of $19 per share. Date Accounts and Explanation Debit Credit Mar. 23 Mar. 23 Issued 220 shares of $3 par value common stock for cash of $19 per share. Apr. 12 Received inventory with a market value of $25,000 and equipment with a market value of $16,000 for 300 shares of the $3 par value common stock. 17 Issued 1,000 shares of 5%, $30 par value preferred stock for $30 per share. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Cherry Blossom balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $79,000 at April 30, 2018