This Financial Accounting Chapter 13, 6th edition, Thanks

The charter for

WXYZ minus TVWXYZTV,

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,

WXYZ minus TVWXYZTV

completed the following transactions:

Sep. 6

Issued 500 shares of common stock to the promoters who organized the corporation,

receiving cash of $15,000.

Sep.12

Issued 350 shares of preferred stock for cash of $28,000.

Sep.14

Issued 1,400 shares of common stock in exchange for land with a market value

of $20,000.

Requirement 2. Prepare the stockholders' equity section of the

WXYZ minus TVWXYZTV

balance sheet at

SeptemberSeptember

3030,

20182018,

assuming

WXYZ minus TVWXYZTV,

Inc. had net income of

$ 30 comma 000$30,000

for the month.

WXYZ-TV, Inc.

Balance Sheet (Partial)

September 30, 2018

Stockholders' Equity