B-wireless wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Wireless to issue 60,000 shares of 8%, $50 par value cumulative preferred stock and 130,000 shares of $2 par value common stock. During the first month, B-wireless completed the following transactions:

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 22,000 shares of common stock for a building with a market value of $150,000.

Oct.6 Issued 500 shares of preferred stock for $110 per share.

Oct.9 Issued 18,000 shares of common stock for cash $90,000.

Oct.10 Declared a $15,000 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

Assume B-Wireless's net income for the month was $97,000.