- X More Info Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Issued 400 shares of preferred stock for cash of $23,000. Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Sep. 12 Sep. 14 Assume ASAP - TV, Inc. had net income of $38,000 for the month. Print Done The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, ASAP - TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Sep. 6: Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. Date Accounts and Explanation Debit Credit Sep. 6 Sep. 12: Issued 400 shares of preferred stock for cash of $23,000. Date Accounts and Explanation Debit Credit Sep. 12 Sep. 14: Issued 1,500 shares of common stock in exchange for land with a market value of $17,000 Date Accounts and Explanation Debit Credit Sep. 14 Choose from any list or enter any number in the input fields and then continue to the next