tockholders' equity E13-23 Journalizing issuance of stock and preparing the stock section of the balance sheet 100,000 shares of $5. on stock with $1 par value. D The charter for ASAP-TV, Inc. authorizes the company to issue 100.00 no-par preferred stock and 500,000 shares of common stock with ing its start-up phase, ASAP-TV completed the following transactions ers who organized the Sep. 6 Issued 550 shares of common stock to the promoters who ore corporation, receiving cash of $16,500. 12 Issued 400 shares of preferred stock for cash of $23,000. 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the ASAP-TV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month