Journalizing corporate transactions and preparing the stockholders? equity section of the balance sheet C-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes C-Mobile to issue 60,000 shares of 10%, $150-par preferred stock, and 140,000 shares of no-par common stock.C-Mobile completed the following transactions: Dec 2 Issued 21,000 shares of common stock for equipment with a market value of $140,000. Dec 6 Issued 500 shares of preferred stock to acquire a patent with a market value of $75,000. Dec 9 Issued 10,000 shares of common stock for cash of $60,000 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders? equity section of the C-Mobile balance sheet at December 31. The ending balance of Retained earnings is $90,000

Student name Sept 01, 2008 Problem 11-30A Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the C-Mobile Wireless balance sheet at December 31. The ending balance of Retained earnings is $90,000. Requirement 1 Journazile the Dec. 2 issuance of common stock. Journal Entry Date Accounts Debit Credit Debit Credit Debit Credit Journalize the Dec. 6 issuance of preferred stock to acquire a patent. Journal Entry Date Accounts Journalize the Dec. 9 issuance of common stock. Journal Entry Date Accounts Requirement 2 Prepare the stockholders' equity section of the C-Mobile Wireless balance sheet at December 31. Stockholders' Equity Paid in Capital: Enter preferred stock details here Enter common stock details here. Total paid in capital Retained earnings Total stockholders' equity Course name 90,000 Student id