The charter for WPAC-TV, Inc. authorizes the company to issue 100,000 shares of $7, 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 (Click on the icon to view the transactions) Read the requitements Requirement 1. Record the transactions in the general jounal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Sep. 6 Issued 200 shares of common stock to the promoters who organized the corporation, receiving cash of 56,000 Debit Credit Accounts and Explanation Date 6,000 Cash Sep. 6 200 Common Stock-$1 Par Value 5,800 Paid-In Capital in Excess of Par-Common Issued common stock for cash Sep. 12 Issued 650 shares of preferred stock for cash of $27,000 Credit Debit Accounts and Explanation Date 27,000 Cash Sep 12 27,000 Preferred Stock-No Par Value Issued preferred stock for cash Sep. 14 Issued 1.400 shares of common stock in exchange for land with a market value of $19,000 Debit Credit Accounts and Explanation Date 19.000 Land Sep 14 1,400 Common Stock-$1 Par Value 17,600 Paid-In Capital in Excess of Par-Common Issued common stock for land DPanaa 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 $31,000 for the month WPAC-TV, Inc. Balance Sheet (Partial) September 30, 2018 Stockholders' Equity Paid-In Capital Total Paid-In Capital Total Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Answer Sep. 6 Issued 200 shares of common stock to the promoters who organized the corporation, receiving cash of $6,000 12 Issued 650 shares of preferred stock for cash of $27,000 14 Issued 1,400 shares of common stock in exchange for land with a market value of $19,000