The charter for KXAS $-$ TV$,$ Inc. authorizes the company to issue $100,000$ shares of $$4,$ no$-$par preferred stock and $500,000$ shares of common stock with $$1$ par value. During its start$-$up phase, KXAS $-$ TV completed the following transactions:

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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 $500$ shares of common stock to the promoters who organized the corporation, receiving cash of $$15,000.$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Sep$.6],[,x^2,,],[,5,,],[,-,,],[,,,]]$

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Sep. $6$ Issued $500$ shares of common stock to the promoters who organized the corporation, receiving cash of $$15,000.$

Sep. $12$ Issued $650$ shares of preferred stock for cash of $$24,000.$

Sep. $14$ Issued $1,200$ shares of common stock in exchange for land with a market value of $$18,000.$

Requirements

Record the transactions in the general journal.

Prepare the stockholders' equity section of the KXAS $-$ TV balance sheet at September $30,2024,$ assuming KXAS $-$ TV$,$ Inc. had net income of $$30,000$ for the month.

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