Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes

DMobile

to issue

100,000

shares of

8%,

$50

par value cumulative preferred stock and: Declared a

$16,000

cash dividend for stockholders of record on

Oct.

20. Use a separate Dividends Payable account for preferred and common stock.

.,

100,000

shares of

$2

par value common stock. During the first month,

DMobile

completed the following transactions:

Oct. 2	Issued 20,000 shares of common stock for a building with a market value of $150,000.
Oct. 6	Issued 500 shares of preferred stock for $100 per share.
Oct. 9	Issued 18,000 shares of common stock for cash of $108,000.
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.
Oct. 25	Paid the cash dividend.

Assume

DMobile's

net income for the month was

$97,000.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

$150,000.

Date	Accounts and Explanation	Debit	Credit
Oct. 2	Building
	Common Stock$2 Par Value		40000
			Paid-In Capital in Excess of ParCommon		110000
			Issued common stock for building.

Part 2

Oct.

6: Issued

500

shares of preferred stock for

$100

per share.

Issued

18,000

shares of common stock for cash of

$108,000.

Date	Accounts and Explanation	Debit	Credit
Oct. 9

Part 4

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.Paid the cash dividend.

Requirement 2. Prepare the stockholders' equity section of

DMobile's

balance sheet at

October

31,

2024.

Assume

DMobile's

net income for the month was

$97,000.

(Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.)

D-Mobile Wireless

Balance Sheet (Partial)

October 31, 2024

Stockholders' Equity
	Paid-In Capital:

Date	Accounts and Explanati