A - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Cell to issue 70,000 shares of 8%, $100 par value cumulative preferred stock and 140,000 shares of $2 par value common stock. During the first month, A - Cell 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 650 shares of preferred stock for $150 per share. Oct. 9 Issued 15,000 shares of common stock for cash of $90,000. Oct. 10 Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and and common stock. Oct. 25 Paid the cash dividend. Assume A - Cell's net income for the month was $90,000. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of A - Cell's balance sheet at October 31, 2024. Assume A - Cell's balance sheet at October 31, 2024. Assume A - Cell's net income for the month was $90,000.