This Question: 10 pts 27 of 28 (0 complete) C-Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C- Wireless to issue 90,000 shares of 6%, $50 par value cumulative preferred stock and 140,000 shares of $3 par value common stock. During the first month, C-Wireless 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 23,000 shares of common stock for a building with a market value of $160,000 Date Accounts and Explanation Debit Credit Oct. 2 More Info Oct. 2 Oct. 6 Oct. 6: Issued 850 shares of preferred stock for $130 per share. Oct. 9 Issued 23,000 shares of common stock for a building with a market value of $160,000 Issued 850 shares of preferred stock for $130 per share. Issued 10,000 shares of common stock for cash of $60,000. Declared a $17,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Paid the cash dividend. Date Accounts and Explanation Debit Credit Oct. 10 Oct. 6 Oct. 25 Assume C-Wireless's net income for the month was $87,000. Print Done Oct. 9: Issued 10,000 shares of common stock for cash of $60,000. Date Accounts and Explanation Debit Credit Oct. 9 Oct. 10: Declared a $17,000 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 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of C-Wireless's balance sheet at October 31, 2018. Assume C-Wireless's net income for the month was $87,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Oct. 25: Paid the cash dividend. Date Accounts and Explanation Debit Credit Oct. 25 Print Done Requirement 2. Prepare the stockholders' equity section of C-Wireless's balance sheet at October 31, 2018. Assume C-Wireless's net income for the month was $87,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) C-Wireless Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity ement 1. Record the transactions in the general journal. (Record debits first, then credits. Se Issued 23,000 shares of common stock for a building with a market value of $160,000. ate Accounts and Explanation Debit Building Cash Cash Dividends Common Stock-$3 Par Value Issued 8: Dividends Payable-Common Dividends PayablePreferred Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of ParPreferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common ate Debit Issued 10,000 shares of common stock for cash of $60,000. Oct. 9: Issued 11 Date Debit Oct. 9 Declared cash dividend. Declared stock dividend, Issued common stock for building. Issued common stock for cash. Issued preferred stock for cash. Paid cash dividend. Purchased treasury stock. Requirement 2. Prepare the stockholders' equity section of C-Wireless's balance sheet at October 31 C-Wireless Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$3 Par Value; Paid-in Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Preferred Stock6%, $50 Par Value; Retained Earnings Total Paid-In Capital October 31, 2018 Stockholders' Equity Paid-In Capital: shares at cost shares authorized, shares issued and outstanding Total Paid-In Capital Total Stockholders' Equity