The charter of Elm Tree Corporation authorizes the issuance of 900 shares of preferred stock and 1,800 shares of common stock. During a two-month period, Elm Tree completed these stock-ssuance transactions Click the icon to view the transactions.) Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders equity section of the Elm Tree balance sheet as of April 30, 2016, for the transactions given in this exercise. Retained Earmings has a balance of S79,000 at April 30, 2016. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table.) Mar. 23 Issued 270 shares of $1 par value common stock for cash of $20 per share Date Accounts and Explanation Debit Credit Mar 23 Apr. 12: Received inventory with a market value of 526,000 and equipment with a market value of $19,000 for 370 shares of the $1 par value common stock. Date Accounts and Explanation Debit Credit Apr. 12