The charter of Holly Corporation authorizes the issuance of 900 shares of preferred stock and 2.600 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 journal. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 270 shares of $3 par value common stock for cash of $20 per share. Date Accounts and Explanation Debit Credit Mar 23 Cash 5,400 Common Stock-$3 Par Value 810 Paid-in Capital in Excess of Par-Common 4.590 Date Debit 29.000 16.000 Issued common stock for cash Apr. 12. Received inventory with a market value of S29,000 and equipment with a market value of $16.000 for 310 shares of the 53 par value common stock Accounts and Explanation Credit Apr. 12 Inventory Equipment Common Stock-53 Par Value 930 Paid-in Capital in Excess of Par-Common 44,070 Issued common stock for inventory and equipment. Apr. 17. Issued 900 shares of 7%. $50 par value preferred stock for $50 per share. Accounts and Explanation Apr 17 45,000 Preferred Stock550 Par Value Date Debit Credit Cash 45,000 Issued preferred stock for cash Requirement 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 $78,000 at April 30, 2018. Holly Corporation Balance Sheet (Partial) April 30, 2018 Stockholders' Equity Paid in Capital: Preferred Stock7%, 550 Par Value: 900 shares authorized, issued, and outstanding S 45,000 Common Stock-$3 Par Value 2,800 shares authorized, 580 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings 78000 Total Stockholders' Equity $