P13-37A Journalizing stock issuance and cash dividends and preparing the stockholders equity section of the balance sheetB-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Mobile to issue 70,000 shares of 5%, $100 par value cumulative preferred stock, and 110,000 shares of $2 par value common stock. During the first month, B-Mobile completed the following transactions:Oct. 2Issued 19,000 shares of common stock for a building with a market value of $250,000.6Issued 800 shares of preferred stock for $110 per share.9Issued 15,000 shares of common stock for cash of $90,000.10Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock.25Paid the cash dividend.Requirements1. Record the transactions in the general journal.2. Prepare the stockholders equity section of B-Mobiles balance sheet at October 31, 2014. Assume B-Mobiles net income for the month was $92,000.