A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 8%, $150 par value cumulative preferred stock and 170,000 shares of $3 par value common stock. During the first month, A-Cell completed the following transactions: (Click the icon to view the transactions.) Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2016. Assume A-Cell's net income for the month was $92,000. i More Info - Oct. Credit 400 2 Issued 21,000 shares of common stock for a building with a market value of $240,000. 6 Issued 700 shares of preferred stock for $160 per share. 9 Issued 10,000 shares of common stock for cash of $40,000. 10 Declared a $17,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 25 Paid the cash dividend. 600 17,000 Print Done ber 31, 2016. Assume A-Cell's net income for the Requirement 2. Prepare the stockholders' equity section of A - Cell's balance sheet at October 31, 2016. Assume A - Cell's net income for the month was $92,000. A-Cell Wireless Balance Sheet (Partial) October 31, 2016 Stockholders' Equity Paid-In Capital: Preferred Stock-8%, $150 Par Value; Total Paid-In Capital Total Stockholders' Equity