The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,600 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions:

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholder's equity section of the Maple Leaf balance sheet as of April 30, 2016, for the transactions given in this exercise. Retained Earnings has a balance of 80,000 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 250 shares of $4 par value common stock for cash of $13 per share.

Apr. 12: Received inventory with a market value of $29,000 and equipment with a market value of 19,000 for 310 shares of the $4 par value common stock.

April 17: Issued 1,000 shares of 6% $50 par value preferred stock for $50 per share.