The charter for ASAP - 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, ASAP completed the following transactions:

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

Sep. 12 Issued 750 shares of preferred stock for cash of $23,000.

Sep. 14 Issued 1,900 shares of common stock in exchange for land with a market value of $26,000.

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholders' equity section of the ASAP - TV balance sheet at September 20, 2016, assuming ASAP - TV, inc. had net income of $33,000 for the month.