The charter of Holly Corporation authorizes the issuance of 800 shares of preferred stock and 3,500 shares of common stock. During a two-month period, Holly completed these stock-issuance transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 260 shares of $3 par value common stock for cash of $17 per share. Date Accounts and Explanation Debit Credit Mar. 23 Cash Common Stock-$3 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for cash 0 X - Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Holly balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $72,000 at April 30, 2018. Print Done More Info X Mar. 23 Issued 260 shares of $3 par value common stock for cash of $17 per share. Received inventory with a market value of $24,000 and equipment with a market Apr. 12 value of $14,000 for 350 shares of the $3 par value common stock, Apr. 17 Issued 800 shares of 5%, $50 par value preferred stock for $50 per share. Print Done