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 per value. During its start-up phase, KCAS-TV completed the following transactions:

Sep. 6 Sep. 12 Sep. 14 Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. Issued 450 shares of preferred stock for cash of $25,000. Issued 1,200 shares of common stock in exchange for land with a market value of $24,000. Assume KCAS - TV, Inc. had net income of $36,000 for the month. Record the transactions in the general journal. 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