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: iClick on the icon to view the transactions) Read the requirements. Date Accounts and Explanation Debit Credit Sep. 14 Land 17,000 1.500 Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Preferred 15,500 Issued common slock for land 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 Choose from any list or enter any number in the input fields and then continue to the next question. - More Info Sep. 6 Sep. 12 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. 14 Assume ASAP - TV, Inc. had net income of $38,000 for the month. Print Done