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: (Click on the icon to view the transactions) Read the requirements. 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 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Date Accounts and Explanation Debit Credit i More Info Sep. 6 Sep. 6 Sep. 12 Sep. 14 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Issued 400 shares of preferred stock for cash of $23,000. Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Sep. 12: Issued 400 shares of preferred stock for cash of $23,000. i Requirements Date Accounts and Explanation Debit Credit Sep. 12 1. Record the transactions in the general joumal. 2. Prepare the stockholders' equity section of the ASAP-TV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Sep. 14: Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Date Accounts and Explanation Debit Credit Sep. 14 Requirement 2. Prepare the stockholders' equity section of the ASAP - TV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. ASAP-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity