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Assume the following authorized shares for A- Mobile Wireless Co: 110,000 shares of 7%, S50 par value cumulative preferred stock and 100,000 shares of $4

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Assume the following authorized shares for A- Mobile Wireless Co: 110,000 shares of 7%, S50 par value cumulative preferred stock and 100,000 shares of $4 par value common stock. The company had the following during its first month of doing business Oct. 2: Purchased furniture, issuing 18,000 shares of common stock. The furniture was worth $140,000 Oct. 6: Issued 550 shares of preferred stock for $80 per share. Oct. 9: Issued 15,000 shares of common stock for $75,000 Oct. 10: Declared a $12,000 dividend. The dividend was paid the following month. Additionally, the company had net income of $90,000 for the month. Requirement: Complete the following for the company at the end of the month. A-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-7%, $50 Par Value; 110,000 shares authorized, Paid-In Capital in Excess of Par Preferred Common Stock-$4 Par Value $ 27,500 550 shares issued and outstanding 16,500 32,000 83,000 259,000 100,000 shares authorized, Paid-In Capital in Excess of Par Common Total Paid-In Capital 33,000 shares issued and outstanding Retained Earnings Total Stockholders' Equity

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