The charter for KCAS - TV, Inc. authorizes the company to issue 100,000 shares of $7, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, KCAS - 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 525 shares of common stock to the promoters who organized the corporation, receiving cash of $15,750. Accounts and Explanation Debit Date Credit Sep. 6 i Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the KCAS -TV balance sheet at September 30, 2018, assuming KCAS - TV, Inc. had net income of $36,000 for the month Done Print