PF13-48B (book/static) Question Help * C-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Mobile to issue 120,000 shares of 9%, $150 par value cumulative preferred stock and 140,000 shares of $3 par value common stock. During the first month, C-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 18,000 shares of common stock for a building with a market value of $260,000. Date Accounts and Explanation Oct. 2 Building Common Stock $3 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for building. Oct. 6: Issued 650 shares of preferred stock for $160 per share. Date Accounts and Explanation Oct. 6 Cash Preferred Stock-$150 Par Value Paid-in Capital in Excess of Par-Preferred Debit Credit 200,000 54,000 206,000 Debit Credit 104,000 97.500 6,500 Choose from any list or enter any number in the input fields and then click Check Answer