D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions:

Oct. 2	Issued 19,000 shares of common stock for a building with a market value of $240,000.
6	Issued 600 shares of preferred stock for $140 per share.
9	Issued 11,000 shares of common stock for cash for $5 per share
10	Declared a $19,000 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. Purchased 600 shares of the companys common stock , paying cash of $6 per share.

Requirements

1. Record the transactions by preparing journal entries in the general journal.

2. Prepare the stockholders equity section of T-Mobile's balance sheet at October 31, 2018. Assume T-Mobile's net income for the month was $94,000.

NOTE : Use the Exhibit 13-7 on page 700 of your text book as your model for the Stockholders section of the balance sheet.