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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 210 shares of \$1 par value common stock for cash of \$11 per share. Apr. 12: Recelved imventory with a fair value of $25,000 and equipment with a fair value of $18,000 for 360 shares of the $1 par value common stock. Apr. 17: issued 800 shares of 5%,$30 par value preferred stock for $30 per share. Requirement 2. Prepare the stockhoiders' equity section of the Elm Tree Corporation balance sheet as of Apri 30, 2025, for the transactions given in this exercise. Retaine of $70,000 at April 30,2025. \begin{tabular}{l} Elm Tree Corporation \\ Balance Sheot (Partial) \\ April 30, 2025 \\ Stockholders' Equity \\ Paid-In Capital: \\ \hline Preforred Stock- 5%,530 Par Value: \\ \hline B00 shares authorized, issued, and outstanding \\ \hline Common Stock-51 Par Value: \\ \hline 1,500 shares authorized, 570 shares issuod and outstanding \\ \hline Paid-In Capitat in Excess of Par-Common \\ \hline Total Paid-In Capital \\ \hline Retained Eamings \\ Totat Stockholders' Equity \end{tabular} these otock-issuance transactions: Yew the transaction. Bead the requirements. Requirements 1. Fecord the transiactions in the general journal: 2. Prepare the stockholders' equity section of the Elm Tree Corporation balance theet at of Apet 30, 2025, for the transactions given in this exercise. Retained Earnings has a balance of $70,000 at Acril 30, 2025 Transactions Mar, 23 issued 210 shaves of $1 par value cemmen stock for cash of $11 per eharo. Apr. 12 . Received inventory with a fae value of $25,000 and equpment with a fac valie of $18.000 for 300 ahares of the $1 par value eenmon stock Apr. 17 issued 800 shares of 5%,$30 par value prefered stock for $30 per share

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