B-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Cell to issue 80,000 shares of 9%, $50 par value cumulative preferred stock and 140,000 shares of $3 par value common stock. During the first month, B-Cell completed the following transactions:

Oct 2 issued 20,000 shares of common stock for a building with a market value of $150,000.

Oct 6 issued 750 shares of preferred stock for $120 per share.

Oct 9 issued 13,000 shares of common stock for cash of $52,000.

Oct 10 Declared a $16,000 cash dividend for stockholders of record on Oct 20. Use a separate Dividends Payable account for preferred and common stock.

Oct 25 Paid the cash dividend.

Then prepare the stockholders equity section of B-Cells balance sheet at October 31,2018. Assume B-Cells net income for the month was $97,000. (Assume all temporary accounts have been closed prior to preparing the stockholders equity section of the balance sheet.)