The charter of Deshaun Corporation authorizes the issuance of 900 shares of preferred stock and 1,250 shares of common stock. During a two-month period, Deshaun Corporation completed these stock-issuance transactions: 

Requirements 

1. Record the transactions in the general journal. 

2. Prepare the stockholders’ equity section of the Deshaun Corporation balance sheet as of April 30, 2025, for the transactions given in this exercise. Retained Earnings has a balance of $79,000 at April 30, 2025.

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Mar. 23 Apr. 12 17 Issued 230 shares of $4 par value common stock for cash of $15 per share. Received inventory with a fair value of $23,000 and equipment with a fair value of $20,000 for 320 shares of the $4 par value common stock. Issued 900 shares of 5%, $20 par value preferred stock for $20 per share.