The charter for KSAP $-$ 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, KSAP $-$ TV completed the following transactions:

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Common Stock$-$$$1$ Par Value

Paid$-$In Capital in Excess of Par$-$Common

Sep. $12$: Issued $300$ shares of preferred stock for cash of $$30,000.$

$\backslash$table$[[$Date$,],[$Sep$.12,$Accounts$]]$

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Sep. $6$ cash of $$7,500.$

Sep. $12$ Issued $300$ shares of preferred stock for cash of $$30,000.$

Sep. $14$ Issued $1,400$ shares of common stock in exchange for land with a market value of $$25,000$ :

Assume KSAP $-$ TV$,$ Inc. had net income of $$37,000$ for the month.