More Info Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation Sep. 6: Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $9,000. Date Accounts and Explanation Debit Credit Sep. 6 Cash 9,000 Common Stock-$1 Par Value 300 Paid-In Capital in Excess of ParCommon 8,700 Issued 300 shares of common stock to the promoters who organized the corporation, receiving Sep. 6 cash of $9.000 Sep. 12 Issued 700 shares of preferred stock for cash of $24,000 Sep. 14 Issued 1,600 shares of common stock in exchange for land with a market value of $25,000 Assume KCAS-TV, Inc. had net income of $32,000 for the month. Issued common stock for cash. Sep. 12: Issued 700 shares of preferred stock for cash of $24,000. Print Done Date Accounts and Explanation Debit Credit Sep. 12 Cash 24.000 Preferred Stock-No Par Value 24,000 Issued preferred stock for cash Sep. 14: Issued 1,600 shares of common stock in exchange for land with a market value of $25,000. Date Accounts and Explanation Debit Credit Sep. 14 Land 25,000 1,600 Common Stock-$1 Par Value Paid-In Capital in Excess of ParCommon 23,400 Issued common stock for land. Requirement 2. Prepare the stockholders' equity section of the KCAS - TV balance sheet at September 30, 2018, assuming KCAS-TV, Inc. had net income of $32,000 for the month. KCAS-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-53, No-Par Value: 100,000 shares authorized 700 shares issued and outstanding Common Stock-$1 Par Value: 500.000 shares authorized 1,900 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings $ 24,000 1,900 32.000 Total Stockholders' Equity More Info Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation Sep. 6: Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $9,000. Date Accounts and Explanation Debit Credit Sep. 6 Cash 9,000 Common Stock-$1 Par Value 300 Paid-In Capital in Excess of ParCommon 8,700 Issued 300 shares of common stock to the promoters who organized the corporation, receiving Sep. 6 cash of $9.000 Sep. 12 Issued 700 shares of preferred stock for cash of $24,000 Sep. 14 Issued 1,600 shares of common stock in exchange for land with a market value of $25,000 Assume KCAS-TV, Inc. had net income of $32,000 for the month. Issued common stock for cash. Sep. 12: Issued 700 shares of preferred stock for cash of $24,000. Print Done Date Accounts and Explanation Debit Credit Sep. 12 Cash 24.000 Preferred Stock-No Par Value 24,000 Issued preferred stock for cash Sep. 14: Issued 1,600 shares of common stock in exchange for land with a market value of $25,000. Date Accounts and Explanation Debit Credit Sep. 14 Land 25,000 1,600 Common Stock-$1 Par Value Paid-In Capital in Excess of ParCommon 23,400 Issued common stock for land. Requirement 2. Prepare the stockholders' equity section of the KCAS - TV balance sheet at September 30, 2018, assuming KCAS-TV, Inc. had net income of $32,000 for the month. KCAS-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-53, No-Par Value: 100,000 shares authorized 700 shares issued and outstanding Common Stock-$1 Par Value: 500.000 shares authorized 1,900 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings $ 24,000 1,900 32.000 Total Stockholders' Equity
