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The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of $4

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The charter for KCAS-TV, 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, KCAS completed the following transactions:

sep 6 Issued 275 shares of common stock to the promoters who organized the corporation,
receiving cash of $8,250.

12 Issued 400 shares of preferred stock for cash of $20,000.

14 Issued 1,600 shares of common stock in exchange for land valued at $18,000. 30 Closed net income of $32,000 into Retained earnings.

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholders’ equity section of the KCAS-TV balance sheet at
September 30, 2012.

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