A-Mobile Wireless needed additional capital to) expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to) issue \(50,(0) 0)\) shares of \(6 \%, \$ 100\)-par preferred stock and 100,000 shares of no-par common stock. A-Mobile completed the following transactions:

Requirements 

1. Record the transactions in the general journal.

2. Prepare the stockholders' equity section of the A-Mobile Wireless balance sheet at December 31. The ending balance of Retained Earnings is \(\$ 90,000\). 

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Dec. 2 Issued 20,000 shares of common stock for equipment with market value of $100,000. 6 Issued 500 shares of preferred stock to acquire a patent with a market value of $50,000. 9 Issued 12,000 shares of common stock for cash of $60,000.