P13-41A (similar to) C-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authors C-Mobile to 80,000 shares of 8,550 par value cumulative preferred stock and 100,000 shares of $2 par value common stock. During the first month, C-Mobile completed the following transactions Click the loon 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 sine of the journal entry table) Oct 2 d 23,000 shares of common stock for a building with a market value of $210,000 Date Accounts and Explanation Do. 2 Oct. 2 Oct. 6 Oct. 9 Issued 23,000 shares of common stock for a building with a market value of $210,000. Issued 650 shares of preferred stock for $100 per share. Issued 17,000 shares of common stock for cash of $102,000. Declared a $11,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Paid the cash dividend. Oct. 10 Oct. 25 Assume C - Mobile's net income for the month was $89.000. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of C-Mobile's balance sheet at October 31, 2018. Assume C -Mobile's net income for the month was $89,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.)