The charter of Elm Tree Corporation authorizes the issuance of 1,000 shares of preferred stock and 1,500 shares of common stock. During a two-month period, Elm Tree 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 240 shares of $3 par value common stock for cash of $13 per share. Date Accounts and Explanation Debit Credit Mar. 23 i More Info Mar. 23 Issued 240 shares of $3 par value common stock for cash of $13 per share. Apr. 12 Received inventory with a market value of $25,000 and equipment with a market value of $16,000 for 350 shares of the $3 par value common stock. 17 Issued 1,000 shares of 7%, $20 par value preferred stock for $20 per share