The charter of Magnolia Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,000 shares of common stock. During a two-month period, Magnolia 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 Mar 23 Cash Common Stock-$3 Par Value Paid-in Capital in Excess of Par-Common Debit Credit 3,120 720 2,400 Issued common stock for cash Apr. 12: Received inventory with a market value of $25,000 and equipment with a market value of $14.000 for 370 shares of the $3 par value common stock Accounts and Explanation Date Apr. 12 Inventory Equipment Common Stock-$3 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for inventory and equipment Apr. 17: Issued 1,000 shares of 7%, 540 par value preferred stock for $40 per share. Debit Credit 25,000 14,000 1,110 37,800 Apr. 17: Issued 1,000 shares of 7%, $40 par value preferred stock for $40 per share. Date Accounts and Explanation Apr. 17 Cash Preferred Stock-$40 Par Value Issued preferred stock for cash. Debit Credit 40,000 40,000 Requirement 2. Prepare the stockholders' equity section of the Magnolia 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 Magnolia Corporation Balance Sheet (Partial) Paid-In Capital Total Paid-in Capital Total Stockholders' Equity April 30, 2018 Stockholders' Equity More info Apr. 12 Mar. 23 Issued 240 shares of $3 par value common stock for cash of $13 per share. Received inventory with a market value of $25,000 and equipment with a market value of $14,000 for 370 shares of the $3 par value common stock. Issued 1,000 shares of 7%, $40 par value preferred stock for $40 per share. Apr. 17 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Magnolia 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