C - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter fro mthe state of Georgia authorizes C - Mobile to issue 110,00 shares of 8%, $50 par value cumulative preferred stock and 140,000 shares of $3 par value common stock. During the first month, C - Mobile completed the following transactions:

Oct. 2 Issued 25,000 shares of common stock for a building with a market value of $240,000

Oct 6. Issued 700 shares of preferred stock for $120 per share.

Oct. 9 Issued 18,000 shares of common stock for cash of $72,000.

Oct. 10 Declared a $18,000 cash dividend for stockholders of record on Oct. 20. Use a seperate Dividends Payable account for preferred and common stock.

Oct. 25 Paid the cash dividend.

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholders' equity section of A - Mobile's balance sheet at October 31, 2016. Assume A - Mobile's net income for the month was $95,000.