B-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Cell to issue 90,000 shares of 6%, $50 par value cumulative preferred stock and 170,000 shares of $2 par value common stock. During the first month, B-Cell completed the following transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $160,000 Date Accounts and Explanation Debit Oct. 2 Credit Oct. 6: Issued 850 shares of preferred stock for $80 per share. Date Accounts and Explanation Debit Credit Oct. 6 Oct. 9: Issued 14,000 shares of common stock for cash of $84,000 Date Accounts and Explanation Debit Credit Oct. 9 Oct. 10: Declared a $14,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Date Accounts and Explanation Debit Credit Oct 10 Oct. 25: Paid the cash dividend. Date Accounts and Explanation Debit Credit Oct. 25 Requirement 2. Prepare the stockholders' equity section of B-Cell's balance sheet at October 31, 2018. Assume B - Cell's net income for the month was $92,000 (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) B-Cell Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital Total Paid-In Capital Total Stockholders' Equity i More Info - X Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $160,000. 6 Issued 850 shares of preferred stock for $80 per share 9 Issued 14,000 shares of common stock for cash of $84,000 10 Declared a $14,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock 25 Paid the cash dividend Print Done