B $-$ Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B $-$ Wireless to issue $100,000$ shares of $7\%,$$$50$ par value cumulative preferred stock and $160,000$ shares of $$3$ par value common stock. During the first month, B $-$ Wireless completed the following transactions:

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Paid$-$In Capital in Excess of Par$-$Preferred

$44,000$

Issued preferred stock for cash.

Oct. $9$: Issued $12,000$ shares of common stock for cash of $$72,000.$

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Oct. $2$ Issued $24,000$ shares of common stock for a building with a market value of $$210,000.$

Oct. $6$ Issued $550$ shares of preferred stock for $$130$ per share.

Oct. $9$ Issued $12,000$ shares of common stock for cash of $$72,000.$

Declared a $$16,000$ cash dividend for stockholders of record on Oct. $20.$ Use a separate