The charter for KCAS - TV, Inc. authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with \$1 par value. During its start-up phase, KCAS - TV complifted the following transactions: Cick on the icon to view the transactions) Read the reguirements Sep. 6 tanjed 300 shares of common stock to the. yromolers who organized the corporation, receiving cash of 50.000 Sep. 12 Lisued 350 thares of prelerred stock for cash of $26,000. Sep. 14 heued 1,000 shares of common stock in exchange for land with a market value of $20,000. Assume KCAS - TV, inc, had net income of \$3,000 for the month. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the KCAS - TV balance sheet at September 30,2024 , assuming KCAS - TV, Inc. had net income of $34,000 for the month