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 - TV completed the following transactions: i (Click on the icon to view the transactions) Read the requirements. Paid-In Capital in Excess of Par-Common 15,500 Issued common stock for land. Requirement 2. Prepare the stockholders' equity section of the ASAP - TV balance sheet at September 30, 2024, assuming ASAP - TV, Inc. had net income of $38,000 for the month. ASAP-TV, Inc. Balance Sheet (Partial) September 30, 2024 Paid-In Capital: Stockholders' Equity Total Paid-In Capital More info Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Sep. 12 Issued 400 shares of preferred stock for cash of $23,000. Sep. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Assume ASAP - TVInc. had net income of $38,000for the month. Requirements Total Stockholders' Equity es Get more help 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the ASAP - TV balance sheet at September 30, 2024, assuming ASAP - TV, Inc. had net income of $38,000 for the month. -