C-Wirless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C- Wirless to issue 80,000 shares of 7%, $50 per value cumulative preferred stock and 150,000 shares of $1 par value common stock. During the first month, C -wireless completed the following transactions

Requirement 1: Record the transactions in the general journal (Record debits first, then credits. Select the explination on the last line of the journal entry table)

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Requirement 2: Prepare the stockholders equity section of C-wirlesss balance sheet October 31,2018. Assume C -Wirlesss net income for the month was $95,000

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Requirements Record the transactions in the general journal Prepare the stockholders' equity section of C-Wireless's balance sheet at October 31, 2018. Assume C-Wireless's net income for the month was $95,000 1. 2. 000 shares of common stock for a building with a market value of $110,000 Debit Credit Date Accounts and Explanation Oct. 2 Oct. 6: Issued 850 shares of preferred stock for $70 per share Date Accounts and Explanation Debit Credit Oct. 6 Oct. 9: Issued 16,000 shares of common stock for cash of $80,000 Date Accounts and Explanation Debit Credit Oct. 9 Oct. 10: Declared a $11,000 cash dividend for stockholders of record on Ot 20. Use a separate Dividends Payable account for preferred and common stod Date Accounts and Explanation Debit Credit Oct 10 Oct. 25: Paid the cash dividend Date Accounts and Explanation Debit Credit Oct. 25 Accounts and Explanation Iin Building Cash Cash Dividends Common Stock-$1 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Preferred Stock $50 Par Value Retained Earnings Treasury Stock-Common Declared cash dividend. Declared stock dividend. Issued common stock for building Issued common stock for cash. Issued preferred stock for cash. Paid cash dividend Purchased treasury stock. Requirement 2. Prepare the stockholders' equity section of C- Wireless's balance sheet at October 31, 2018. Assu C-Wireless Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital Total Paid-In Capital Total Stockholders Equity C-Wireless Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Preferred Stock-796, S50 Par Value; Retained Earnings Paid-In Cap Total Stockholders Equity Requirement 2. Prepare the stockholders' equity section of C-Wireless's balance sheet at October 31, 2018 Assume C-Wireless's net income for the month was $95,000 C-Wireless Wireless Balance Sheet (Partia) October 31,2018 Stockholders Equity Paidin Captal shares at cost shares authorized shares issued and outstanding Total Paid-In Capital Total Stockholders' Equity C-Wireless Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital shares at cost shares authorized, shares issued and outstanding Total Paid-In Capital Total Stockholders Equity