The charter of Magnolia Corporation authorizes the issuance of 800 shares of preferred stock and 1,500 shares of common stock. During a two-month period, Magnolia completed these stock-issuance 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 Magnolia balance sheet as of April 30, 2016, for the transactions given in this exercise. Retained Earnings has a balance of $77,000 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 journal entry table Mar. 23: Issued 200 shares of $2 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit Mar. 23