B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 60,000 shares of 9%, $100 par value cumulative preferred stock and 100,000 shares of $3 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: 800 shares issued and outstanding 80000 48000 16000 shares issued and outstanding 14400 457000 599400 78000 677400 Preferred Stock-9%, $100 Par Value; 60000 shares authorized, Paid-In Capital in Excess of Par-Preferred Common Stock-$3 Par Value; 100000 shares authorized, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity on stock. During the first month, B - Mobile completed the following transactions: More info Oct. 2 Issued 21,000 shares of common stock for a building with a market value of $260,000. Issued 800 shares of preferred stock for $160 per share. Oct. 6 Oct. 9 Issued 16,000 shares of common stock for cash of $96,000. Declared a $18,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 10 Oct. 25 Paid the cash dividend. Assume B - Mobile's net income for the month was $96,000. Print Done 78000