The charter for KCAS-TV, Inc., authorizes the assembly to end 100,000 shares of $4, no-par preferred store and 500,000 shares of vile store after a while $1 par appreciate. During its start-up complexion, KCAS completed the forthcoming transactions:
Sept 6 Issued 275 shares of vile store to the promoters who arranged the confirmation, receiving capital of $8,250.
12 Issued 400 shares of preferred store for capital of $20,000.
14 Issued 1,600 shares of vile store in substitute for plant appreciated at $18,000.
30 Closed net proceeds of $32,000 into Retained hues.
1. Record the transactions in the public journal.
2. Prepare the storeholders’ equity minority of the KCAS-TV equalize equivocation at September 30, 2012.
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