C-Cell 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 7%, $50 par value cumulative preferred stock and 120,000 shares of $2 par value common stock. During the first month, C-Cell completed the following transactions: Oct. 2 Issued 22,000 shares of common stock for a building with a market value of $120,000. 6 Issued 900 shares of preferred stock for $70 per share. 9 Issued 12,000 shares of common stock for cash of $60,000. 10 Declared a $16,000 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. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders’ equity section of C-CelPs balance sheet at October 31, 2016. Assume C-Cell’s net income for the month was $96,000.
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