The charter for WPAC - TV, Inc. authorizes the company to issue 100,000 shares of $2, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, WPAC - TV completed the following transactions: Requirement 2. Prepare the stockholders' equity section of the WPAC - TV balance sheet at September 30,2024 , assuming WPAC - TV, Inc. had net income of $36,000 for the month. Sep. 6 Issued 525 shares of common stock to the promoters who organized the corporation, receiving cash of $15,750. Sep. 12 Issued 750 shares of preferred stock for cash of $26,000. Sep. 14 Issued 1,300 shares of common stock in exchange for land with a market value of $19,000. Assume WPAC - TV, Inc. had net income of $36,000 for the month