E13-23 Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet e charter for ASAP.TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. Dur ing its start-up phase, ASAP-TV completed the following transactions: Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500 Sep. 6 12 Issued 400 shares of preferred stock for cash of $23,000. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the ASAP-TV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month