D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions:

Oct. 2,"Issued 19,000 shares of common stock for a building with a market value of $240,000." Oct. 6,Issued 600 shares of preferred stock for $140 per share. Oct. 9,"Issued 11,000 shares of common stock for cash of $55,000." Oct. 10,"Declared a $19,000 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

DMobile's

net income for the month was

$94,000.