More info Oct. 6 Oct. 2 Issued 20,000 shares of common stock for a building with a market value of $260,000. Issued 1,000 shares of preferred stock for $110 per share. Oct. 9 Issued 15,000 shares of common stock for cash of $90,000. Oct. 10 Oct. 25 Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Paid the cash dividend. Assume B - Mobile's net income for the month was $88,000. Print Done - Building Cash Cash Dividends Common Stock-$5 Par Value Dividends Payable-Common Dividends PayablePreferred Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of ParPreferred Preferred Stock-$100 Par Value Retained Earnings Treasury Stock-Common B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 40,000 shares of 6%, $100 par value cumulative preferred stock and 100,000 shares of $5 par value common stock. During the first month, B - 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 20,000 shares of common stock for a building with a market value of $260,000. Date Oct. 2 Accounts and Explanation Oct. 6: Issued 1,000 shares of preferred stock for $110 per share. Date Oct. 6 Accounts and Explanation Debit Credit Debit Credit Oct. 9: Issued 15,000 shares of common stock for cash of $90,000. Date Oct. 9 Accounts and Explanation Debit Credit Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Accounts and Explanation Date Oct. 10 Debit Credit Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of B - Mobile's balance sheet at October 31, 2024. Assume B - Mobile's net income for the month was $88,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity B-Mobile Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity