Learning Objectives 2.4 2. Total Stockholders' Equity $323,000 P12-37A Journalizing stock issu P12-37A Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet C.Call Wireless needed additional capital to expand, so the business incorporated The charter from the state of Georgia authorizes C-Cell to issue 50,000 shares of 70 $50 par value cumulative preferred stock and 120,000 shares of $2 par value com stock. During the first month, C-Cell completed the following transactions: Oct. 2 6 Issued 22,000 shares of common stock for a building with a market value of $120,000 Issued 900 shares of preferred stock for $70 per share. Issued 12,000 shares of common stock for cash of $60,000. Declared a $ 16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Paid the cash dividend. 10 25 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of C-Cell's balance sheet at October 31, 2016. Assume C-Cell's net income for the month was $96,000