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The charter for KCAS - 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, KCAS - TV completed the following transactions: [Click on the icon to view the transactions) Read the requirements. More info Sep. 6 Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. Sep. 12 Issued 500 shares of preferred stock for cash of $28,000. Sep. 14 Issued 1,000 shares of common stock in exchange for land with a market value of $20,000. Assume KCAS - TV, Inc. had net income of $40,000 for the month. KCAS-TV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: Preferred Stock-\$5, No-Par Value; 100,000 shares authorized, 500 shares issued and outstanding 2500 me solve this Etext pages Get more help - Common Stock-\$1 Par Value; 500,000 shares authorized, \begin{tabular}{l} \hline 1,275 shares issued and outstanding \\ \hline Paid-In Capital in Excess of Par-Common \\ Total Paid-In Capital \\ \hline Retained Earnings \\ Total Stockholders' Equity \end{tabular}