The charter for WBAL - TV, Inc. authorizes the company to issue 100.000 shares of $4, no par preferred stock and 500,000 shares of common stock with S1 par value During its start-up phase, WBAL - 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 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000 Date Accounts and Explanation Debit Credit 15,000 Sep. 6 Cash Common Stock 51 Par Value Paid-in Capital in Excess of Par-Common Issued common stock for cash. Sep. 12: Issued 600 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Sep. 12 Cash Preferred Stock-No Par Value Credit Debit 21,000 21,000 Issued common stock for cash. Sep. 14: Issued 1,800 shares of common stock in exchange for land with a market value of $27,000. Date Credit Debit 27.000 Sep. 14 Accounts and Explanation Land Common StockS1 Par Value Paid-In Capital in Excess of ParCommon 1800 Issued common stock for land September 30, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-$4, No-Par Value: 100,000 shares authorized 600 shares issued and outstanding Common Stock-$1 Par Value: 500,000 shares authorized 1,800 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings 1 More Info Issued 500 shares of common stock to the promoters who organized the corporation, receiving Sep. 6 cash of $15,000. Sep. 12 Issued 600 shares of preferred stock for cash of $21,000. Sep. 14 Issued 1,800 shares of common stock in exchange for land with a market value of $27,000. Assume WBAL - TV, Inc. had net income of $36,000 for the month. Print Done