K The charter for KWVN-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. During its start-up phase, KWVN-TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements. Issued preferred stock for cash. Sep. 14: Issued 1,600 shares of common stock in exchange for land with a market value of $27,000. Date Sep. 14 Land Accounts and Explanation Debit Credit 27,000 1. Record the transactions in the general journal. 2. Prepare the stock olders' equity section of the KWVN - TV balance sheet at September 30, 2024, assuming KWVN-TV, Inc. had net income of $36,000 for the month. n More info Sep. 6 Sep. 12 Sep. 14 Issued 575 shares of common stock to the promoters who organized the corporation, receiving cash of $17,250. Issued 700 shares of preferred stock for cash of $29,000. Issued 1,600 shares of common stock in exchange for land with a market value of $27,000. Assume KWVN-TV, Inc. had net income of $36,000 for the month. Sep. 14: Issued 1,600 shares of common stock in exchange for land with a market value of $27,000. Date Sep. 14 Accounts and Explanation Land Common Stock $1 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for land. Debit Credit 27,000 1,600 25,400 DANUIament 2 Deanor the staakhaldar atunction of the IN TV/halan shoot at Cantambor 2 KWVN-IV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: Common Stock-$1 Par Value; 500,000 shares authorized, 575 shares issued and outstanding Common Stock $1 Par Value; 500,000 shares authorized, 700 shares issued and outstanding 29000 Common Stock-$1 Par Value; 500,000 shares authorized, 575 shares issued and outstanding Common Stock-$1 Par Value; 500,000 shares authorized, 700 shares issued and outstanding Total Paid-In Capital Retained Earnings Total Stockholders' Equity 29000 36000 Requirement 2. Prepare the stockholders' equity section of the KWVN - TV balance sheet at September 30, 2024, assuming KWVN-TV, Inc. had net income of $36,000 for the month. KWVN-TV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: