The charter for WPAC-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, WPAC - TV completed the following transactions: Date Accounts and Explanation Sep. 12 Cash Preferred Stock-No Par Value Debit 27,000 Credit 27,000 Issued preferred stock for cash. Sep. 14: Issued 1,700 shares of common stock in exchange for land with a market value of $24,000. Date Sep. 14 Accounts and Explanation Land Common Stock-$1 Par Value Debit Credit 24,000 1,700 22,300 Paid-In Capital in Excess of ParCommon Issued common stock for land. Requirement 2. Prepare the stockholders' equity section of the WPAC - TV balance sheet at September 30, 2018, assuming WPAC - TV, Inc. had net income of $39,000 for the month. Paid-In Capital: WPAC-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Preferred Stock-$4, No-Par Value; 100,000 shares authorized, 450 shares issued and outstanding Common Stock-$1 Par Value; 500,000 shares authorized, 2,225 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the WPAC - TV balance sheet at September 30, 2018, assuming WPAC - TV, Inc. had net income of $39,000 for the month. Print Done