Stockholders’ equity: transactions and balance sheet presentation

tunic corporation was organized on april 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. during april, the following transactions affecting stockholders’ equity occurred:

apr. 1 issued 90,000 shares of common stock at $15 cash per share.
3 issued 3,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. the services were valued at $32,000.
8 issued 4,000 shares of common stock in exchange for equipment with a fair market value of $49,000.
20 issued 7,000 shares of preferred stock for cash at $55 per share.
required

a. prepare journal entries to record the above transactions.

general journal
date description debit credit
apr.01 answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock $answer $answer
answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
paid-in-capital in excess of par value - common stock answer answer
issued shares of common stock.
apr.03 answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
common stock answer answer
answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
issued common stock for organization costs.
apr.08 answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
common stock answer answer
answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
issued common stock for equipment.
apr.20 answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
preferred stock answer answer
answercashcommon costspaid-in-capital in excess of par value - common stockpaid-in-capital in excess of par value - preferred stockpreferred stock answer answer
issued shares of preferred stock.
b. prepare the stockholders' equity section of the balance sheet at april 30. assume that the net income for april is $50,000.

stockholders' equity
paid in capital
answerpreferred stockcommon stockretained earningstotal stockholders' equitytotal paid-in-capital $answer
answerpreferred stockcommon stockretained earningstotal stockholders' equitytotal paid-in-capital answer $answer
additional paid-in-capital
paid-in-capital in excess of par value - preferred stock answer
paid-in-capital in excess of par value - common stock answer answer
answerpreferred stockcommon stockretained earningstotal stockholders' equitytotal paid-in-capital answer
answerpreferred stockcommon stockretained earningstotal stockholders' equitytotal paid-in-capital answer
answerpreferred stockcommon stockretained earningstotal stockholders' equitytotal paid-in-capital $answer