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

Requirements 1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of the ASAP-TV balance sheet at September 30, 2024, assuming ASAP-TV, Inc. had net income of $38,000 for the month.

Transcribed Image Text:

Sep. 6 12 14 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.