The chartec for KVIP - TV, Inc, authorizes the company to issue 400,000 shares of $7, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase KVIP - TV compleled the following transactons: (1) (Click on the icon to vew the transactions) Read the tequirements. Requirement 1. Record the transactions in the general journal, (Record cesits first, been credts. Select the explanation on the last line of the foumal entry table.) Sep. 6: Issued 500 shares of common stock to the peomoters who organizod the corporasion, teceiving cash of $15,000. More info Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep. 12 Issued 550 shares of preferred stock for cash of $25.000. Sep. 14 Issued 1,300 shares of common stock in exchange for land with a market value of $20,000. Assume KVIP - TV, Inc. had net income of $31,000 for the month