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A Cell Wireless needed additional capital to expand. so the business incorporated. The charter irom the state of Georgia authorizes A Cell to issue 60.000 shares of 6%. $50 par value cumulative preferred stock and 140,000 shares of $2 par value common stock. During the rst month. A Cell completed the following transactions: 0 (Click the Icon to view the transactions ) Read the muirements. More info Requirement 1. Record the transactions in the general journal. (Record debits rst, then credits. Select the explanation on the last line of the journal entry table. Oct. 2: Issued 22,000 shares of common stock fora building with a market value of $130,000. Oct. 2 Issued 22,000 shares of common stock for a building With a market value oi $130,000. Date Accounts and Explanation Debit Credit Oct. 6 Issued 950 shares of preferred stock for $170 per share. 0'1 2 Oct. 9 Issued 10,000 shares oi common stock for cash of $50,000 Oct. 10 Declared a $20,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend, Assume A - Cell's net income tor the month was $90,000. Oct. 6: Issued 950 shares of preferred stock for $170 per share. Date Accounts and Explanation Debit Credit Oct. 6 Requirements Oct. 9: Issued 10.000 shares of common stock for cash of $50,000. Record the transactions in the general journal. 2. Prepare the stockholders' equity section oi A Cell's balance sheet at October 31, 2024. Assume A Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Date Accounts and Explanation Debit Credit Oct. 9 ... Oct. 10: Declared a $20,000 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 - Requirements 1. Record the transactions in the general journal. . Prepare the stockholders' equity section of A - Cell's balance sheet at Oct. 25: Paid the cash dividend. October 31, 2024. Assume A - Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the Date Accounts and Explanation Debit Credit stockholders' equity section of the balance sheet.) Oct. 25 Print Done Requirement 2. Prepare the stockholders' equity section of A - Cell's balance sheet at October 31, 2024. Assume A - Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) X More info October 31, 2024 Stockholders' Equity Paid-In Capital: Oct. 2 Issued 22,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 950 shares of preferred stock for $170 per share. Oct. 9 Issued 10,000 shares of common stock for cash of $50,000. Oct. 10 Declared a $20,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Oct. 25 Paid the cash dividend Assume A - Cell's net income for the month was $90,000. Total Paid-In Capital Total Stockholders' Equity Print Done