Issuing stock and preparing the stockholders’ equity section of the balance sheet
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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