The charter for KSAP $-$ TV$,$ Inc. authorizes the company to issue $100,000$ shares of $$2,$ no$-$par preferred stock and $500,000$ shares of common stock with $$1$ par value. During its start$-$up

phase, KSAP $-$ TV completed the following transactions:

$($Click on the icon to view the transactions$)$

Read the requirements.

Requirement $1.$ Record the transactions in the ge

Sep. $6$: Issued $300$ shares of common stock to the

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Requirements

Record the transactions in the general journal.

Prepare the stockholders' equity section of the KSAP $-$ TV balance sheet at

September $30,2024,$ assuming KSAP $-$ TV$,$ Inc. had net income of $$30,000$

for the month.

Sep. $6$ Issued $300$ shares of common stock to the promoters who organized the corporation, receiving

cash of $$9,000.$

Sep. $12$ Issued $600$ shares of preferred stock for cash of $$20,000.$

Sep. $14$ Issued $1,000$ shares of common stock in exchange for land with a market value of $$22,000.$

Assume KSAP $-$ TV$,$ Inc. had net income of $$30,000$ for the month.