The charter for KVIP - 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 par value. During its start-up phase, KVIP - TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the general journal. (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. Date Sep. 6 Accounts and Explanation Sep. 12: Issued 350 shares of preferred stock for cash of $24,000. Date Sep. 12 Accounts and Explanation Debit Credit 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 350 shares of preferred stock for cash of $24,000. Sep. 14 Debit Credit Issued 1,100 shares of common stock in exchange for land with a market value of $19,000. Assume KVIP-TV, Inc. had net income of $40,000 for the month. Sep. 14: Issued 1,100 shares of common stock in exchange for land with a market value of $19,000. Date Sep. 14 Accounts and Explanation Debit Credit Print Done