The charter for WPAC-TV, Inc. authorizes the company to issue 100,000 shares of $6, 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 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 575 shares of common stock to the promoters who organized the corporation, receiving cash of $17,250. Date Accounts and Explanation Debit Credit More info Sep. 6 Cash 17,250 Common Stock-$1 Par Value 575 Sep. 6 Paid-In Capital in Excess of Par-Common 16,675 Sep. 12 Sep. 14 Issued 575 shares of common stock to the promoters who organized the corporation, receiving cash of $17,250. Issued 350 shares of preferred stock for cash of $27,000 Issued 1,700 shares of common stock in exchange for land with a market value of $26,000. Issued common stock for cash. Sep. 12: Issued 350 shares of preferred stock for cash of $27,000. Assume WPAC - TV, Inc. had net income of $34,000 for the month. Date Accounts and Explanation Debit Credit Sep. 12 Cash 27,000 Preferred Stock-No Par Value 27,000 Print Done Issued preferred stock for cash. Sep. 14: Issued 1,700 shares of common stock in exchange for land with a market value of $26,000. Date Accounts and Explanation Debit Credit Sep. 14 Land 26,000 Common Stock-$1 Par Value 1,700 Paid-In Capital in Excess of Par-Common 24,300 Issued common stock for land. 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 $34,000 for the month. WPAC-TV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: Common Stock-$1 Par Value: 500,000 shares authorized, Paid-In Capital in Excess of ParCommon Total Paid-In Capital Total Stockholders' Equity