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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 8%, $50 par value cumulative preferred stock and 150,000 shares of $4 par value common stock. During the first month, C-Mobile completed the following transactions: a (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 24,000 shares of common stock for a building with a market value of $100,000. Date Accounts and Explanation Debit Credit Oct. 2 100000 Building Common Stock-$4 Par Value Paid-In Capital in Excess of Par-Common Issued common stock for building. Oct. 6: Issued 550 shares of preferred stock for $70 per share. Date Accounts and Explanation Debit Credit Oct. 6 Cash Preferred Stock-$50 Par Value Paid-In Capital in Excess of Par-Preferred Issued preferred stock for cash. Oct. 9: Issued 15,000 shares of common stock for cash of $90,000. Date Accounts and Explanation Debit Credit Oct. 9 Cash Common Stock-$4 Par Value Paid-In Capital in Excess of Par-Common 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. Date Accounts and Explanation Debit Credit Oct. 10 Cash Dividends Dividends Payable-Preferred Dividends PayableCommon Declared cash dividend. Oct. 25: Paid the cash dividend. Date Debit Credit Oct. 25 Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Requirement 2. Prepare the stockholders' equity section of C-Mobile's balance sheet at October 31, 2018. Assume C-Mobile's net income for the month was $93,000. (Assum temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) C-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: C-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity