Question

This Financial Accounting Chapter 13,  6th edition, Thanks

The charter for

WXYZ minus TVWXYZ−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,

WXYZ minus TVWXYZ−TV

completed the following​ transactions:

Sep. 6

Issued 500 shares of common stock to the promoters who organized the corporation,

receiving cash of $15,000.

Sep.12

Issued 350 shares of preferred stock for cash of $28,000.

Sep.14

Issued 1,400 shares of common stock in exchange for land with a market value

of $20,000.

Requirement 2. Prepare the​ stockholders' equity section of the

WXYZ minus TVWXYZ−TV

balance sheet at

SeptemberSeptember

3030​,

20182018​,

assuming

WXYZ minus TVWXYZ−TV​,

Inc. had net income of

$ 30 comma 000$30,000

for the month.

WXYZ-TV, Inc.

Balance Sheet (Partial)

September 30, 2018

Stockholders' Equity