he charter for WCAP-TV, Inc. authorizes the company to issue 100.000 shares of S3, no-par preferred stock and 500.000 shares of ommon stock with $1 par value. During its start-up phase, WCAP - TV completed the following transactions: (Click on the icon to view the transactions) ead the requirements equirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of urnal entry table.) ep. 6: Issued 200 shares of common stock to the promoters who organized the corporation, receiving cash of $6,000. Date Accounts and Explanation Debit Credit . . 6 More Info Sep. 6 Sep. 12 Issued 200 shares of common stock to the promoters who organized the corporation, receiving cash of $6.000 Issued 350 shares of preferred stock for cash of $30,000. Issued 1,700 shares of common stock in exchange for land with a market value of $22.000. Sep. 14 Assume WCAP-TV, Inc. had net income of $40,000 for the month