The charter for KCAN-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, KCAN-TV, Inc. completed the following transactions: 

Requirements 

1. Record the transactions in the general journal. 

2. Prepare the stockholders’ equity section of the KCAN-TV, Inc. balance sheet at September 30, 2025, assuming KCAN-TV, Inc. had net income of $32,000 for the month.

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Sep. 6 12 14 Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. Issued 400 shares of preferred stock for cash of $20,000. Issued 1,600 shares of common stock in exchange for land with a fair value of $18,000.