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I NEED HELP WITH THE PROBLEM UNDERNEATH. PLEASEE! A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of
I NEED HELP WITH THE PROBLEM UNDERNEATH. PLEASEE! A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Mobile to issue 110,000 shares of 7%,$50 par value cumulative preferred stock and 140,000 shares of $1 par value common stock. During the first month, A-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 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 23,000 shares 'of common stock for a building with a market value of $100,000. Oct. 6: Issued 500 shares of preferred stock for $90 per share. Oct. 9: Issued 16,000 shares of common stock for cash of $64,000. 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. Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Preferred Stock-7\%, \$50 Par Value; shares authorized, shares issued and outstanding Paid-In Capital in Excess of Par-Preferred Common Stock-\$1 Par Value; shares authorized, shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Oct. 2 Issued 23,000 shares of common stock for a building with a market value of $100,000. Oct. 6 Issued 500 shares of preferred stock for $90 per share. Oct. 9 Issued 16,000 shares of common stock for cash of $64,000. 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 A-Mobile's net income for the month was $93,000
I NEED HELP WITH THE PROBLEM UNDERNEATH. PLEASEE!
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