2 Problem 4: P13-37A Background: C-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Cell to issue 50,000 shares of 7%, $50 par value cumulative preferred stock and 120,000 shares of $2 par value common stock. During the first month, C-Cell completed the following transactions. Assume C-Cell's net income for the month was $96,000. Assignment: PREVIOUS 4 NEXT This question has 3 requirements. Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading Requirements: The accounts used by C-Cell Wireless are provided in the Chart of Accounts (click on "Chart of Accounts" to view). The accounts have already been opened in the General Ledger (click on "General Ledger" to view). 1. Prepare journal entries to record the transactions of C-Cell Wireless and post the entries to the General Ledger. (Explanations are not required.) 2 Review each of the accounts in the General Ledger to see the results of posting the ioural Transactions: 10/02/2016 Issued 22,000 shares of common stock for a building with a market value of $120,000. 10/06/2016 Issued 900 shares of preferred stock for $70 per share. 10/09/2016 Issued 12,000 shares of common stock for cash of $60,000. 10/10/2016 Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL S Date Account ADD Row DELETE CHECKED Rows POST TO GENERAL LEDGER CANCEL Debit Credit