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: i (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 300 shares of common stock to the promoters who organized the corporation, receiving cash of $9,000. Date Sep. 6 Requirements Accounts and Explanation 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the KVIP - TV balance sheet at September 30, 2024, assuming KVIP - TV, Inc. had net income of $37,000 for the month. Debit Credit More info Sep. 6 Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $9,000. Sep. 12 Issued 500 shares of preferred stock for cash of $24,000. Sep. 14 Issued 1,300 shares of common stock in exchange for land with a market value of $26,000. Assume KVIP - TV, Inc. had net income of $37,000 for the month. Print Done