D-Mobile Wireless needed additional capital to expand, so the business incorporated.
The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions:

Requirements

1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of D-Mobile’s balance sheet at October 31, 2024. Assume D-Mobile’s net income for the month was $94,000.

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Oct. 2 6 9 10 25 Issued 19,000 shares of common stock for a building with a market value of $240,000. Issued 600 shares of preferred stock for $140 per share. Issued 11,000 shares of common stock for cash of $55,000. Declared a $19,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Paid the cash dividend.