A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Cell to issue 90,000 shares of 7%, $50 par value cumulative preferred stock and 130,000 shares of $1 par value common stock. During the first month, A- Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 17,000 shares of common stock for a building with a market value of $110,000. Date Accounts and Explanation Oct. 2 Building Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for building. Oct. 6: Issued 850 shares of preferred stock for $130 per share. Date Oct. 6 Cash Accounts and Explanation Preferred Stock-$50 Par Value Paid-In Capital in Excess of Par-Preferred Issued preferred stock for cash. Oct. 9: Issued 15,000 shares of common stock for cash of $60,000. Accounts and Explanation Debit Credit 110000 17000 Requirements 1. Record the transactions in the general journal. Debit 2. Prepare the stockholders' equity section of A- Cell's balance sheet at 110500 October 31, 2024. Assume A-Cell's net income for the month was $89,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Debit Print Done