The charter for KWCP-TV,inc authorizes the company to use 100000 shares of $3, no-par preferred stock and 500000 shares of common stock with $1 par value. During its start up phase, KWCP- Tv completed the following transactions:

Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the KWCP - TV balance sheet at September 30, 2024, assuming KWCP - TV, Inc. had net income of $35,000 for the month. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation o Sep. 6: Issued 300 shares of common stock to the promoters who organized the corporation, receiving cash of $9,000. sep. Ie: 1ssued 450 shares of preferred stock for cash of $27,000 Sep. 12: Issued 450 shares of preferred stock for cash of $27,000. Sep. 14: Issued 1,000 shares of common stock in exchange for land with a market value of $21,000. The chuter lor KWCP-TV, Inc authenes the compary to issue 100.000 afares of 33, no pir predems startup phos, KWCP - TV completed the following transactions. (1. (Cick on the icon to view the tramactions) Read the foxrwmets