au 6 6 P13-37A Jounalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet C-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from, the state of Georgia authorizes C-Cell to issue 50,000 shares of 7%, $50 par value cumulative preferred stock and 120,000 shares of $2 par value common stock. During the first month, C-Cell completed the following transactions: Issued 22,000 shares of common stock for a building with a market value of $120,000. Issued 900 shares of preferred stock for $70 per share. Issued 12,000 shares of common stock for cash of $60,000. Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Paid the cash dividend. Oct. 2 6 9 10 25 Requirements 1. Record the transactions in the general journal. Prepare the stockholders equity section of GCell's balance sheet at October 31, 2016. Assume CCells net income for the month was $96,000. E 12-16 Allocating profits and losses to the partners