Reference no: EM132505187
Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Mobile to issue 70.000 shares of 5%, $100 par value cumulative preferred stock, and 110,000 shares of $2 par value common stock. During the first month.
B-Mobile completed the following transactions:
Oct.2 - Issued 19,000 shares of common stock for a building with a market value of $250,000.
Oct. 6 - Issued 800 shares of preferred stock for $110 per share.
Oct. 9 - Issued 15,000 shares of common stock for cash of $90,000.
Oct. 10 - Declared a $16,000 cash dividend for stockholders of record on Oct. 20.
Oct 25 - Paid the cash dividend.
Question 1. Record the transactions in the general journal.
Question 2. Prepare the stockholders' equity section of B-Mobile's balance sheet at October 31, 2014. Assume B-Mobile's net income for the month was $92,000.
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