C-Mobile Wireless needed additional capital to expand, so the business incorporated.
The charter from the state of Georgia authorizes C-Mobile to issue 120,000 shares of 9%, $150 par value cumulative preferred stock, and 140,000 shares of $3 par value common stock. During the first month, C-Mobile completed the following transactions:

Requirements 

1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of C-Mobile’s balance sheet at October 31, 2024. Assume C-Mobile’s net income for the month was $95,000.

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Oct. 2 6 9 10 25 Issued 18,000 shares of common stock for a building with a market value of $260,000. Issued 650 shares of preferred stock for $160 per share. Issued 14,000 shares of common stock for cash of $84,000. Declared a $13,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Paid the cash dividend.