Upper C minus Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Upper C minus Mobile to issue 110,000 shares of

6 %, $50 par value cumulative preferred stock and 170,000 shares of $2 par value common stock. During the first month,

Upper C minus Mobile completed the following transactions:

Oct. 2 Issued 23,000 shares of common stock for a building with a market value of $100,000. Oct. 6 Issued 700 shares of preferred stock for $160 per share. Oct. 9 Issued 17,000 shares of common stock for cash of $102,000. Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Oct. 10 Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend. Assume C-Mobile's net income for the month was $96,000. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 23,000 shares of common stock for a building with a market value of $100,000 Accounts and Explanation Oct. 2 Date Debit Credit