Sep. 6 Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500.

12 Issued 750 shares of preferred stock for cash of $24,000.

14 Issued 1,600 shares of common stock in exchange for land with a market value of $20,000.

TRANSACTIONS ABOVE

The charter for WPAC minus TV?, Inc. authorizes the company to issue? 100,000 shares of ?$3?, ?no-par preferred stock and? 500,000 shares of common stock with? $1 par value. During its? start-up phase, WPAC minus TV completed the following? transactions:

Requirement 1. Record the transactions in the general journal. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) Sep. ?6: Issued 250 shares of common stock to the promoters who organized the? corporation, receiving cash of ?$7 comma 500. Date Accounts and Explanation Debit Credit Sep. 6

Sep. ?12: Issued 750 shares of preferred stock for cash of ?$24 comma 000. Date Accounts and Explanation Debit Credit Sep. 12

Sep. ?14: Issued 1 comma 600 shares of common stock in exchange for land with a market value of ?$20 comma 000. Date Accounts and Explanation Debit Credit Sep. 14

Requirement 2. Prepare the? stockholders' equity section of the WPAC minus TV balance sheet at September 30?, 2018?, assuming WPAC minus TV?, Inc. had net income of $ 30 comma 000 for the month. WPAC-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity