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 general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. More info Sep. 6 Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. Sep. 12 Issued 450 shares of preferred stock for cash of $26,000. Sep. 14 Issued 1,800 shares of common stock in exchange for land with a market value of $20,000. Assume KSAP - TV, Inc. had net income of $31,000 for the month. Requirements 1. Record the transactions in the general joumal. 2. Prepare the stockholders' equity section of the KSAP - TV balance sheet at September 30, 2024, assuming KSAP - TV, Inc. had net income of $31,000 for the month. Clearborn Manufacturing Co. completed the following transactions during 2024: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in Clearbom's general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 4\%, \$96 par noncumulative preferred stock (1,200 shares outstanding) Declared a $0.55 per share dividend on the 85,000 shares of $10 par value common stock outstanding. The date of record is January 31 , and the payment date is February 15 More info Requirements 1. Record the transactions in Clearbom's general journal. 2. Prepare the Clearborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Clearborn was authorized to issue 1,800 shares of preferred stock and 300,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31,2024 , is $1,090,000