C-Mobile Wireless needed additional capital to expand, so

the business
C-Mobile Wireless needed additional capital to expand, so the business

C-Mobile Wireless needed additional capital to expand, so the business incorporated. The
charter from the state of Georgia authorizes C-Mobile to issue 120,000 shares of 9%, $150 par
value cumulative preferred stock, and 140,
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capital-to-expand-so-the-business
C-Mobile Wireless needed additional capital to expand, so the business

C-Mobile Wireless needed additional capital to expand, so the business incorporated. The
charter from the state of Georgia authorizes C-Mobile to issue 120,000 shares of 9%, $150 par
value cumulative preferred stock, and 140,000 shares of $3 par value common stock. During
the first month, C-Mobile completed the following transactions:

Oct. 2 Issued 18,000 shares of common stock for a building with a market value of $260,000.

6 Issued 650 shares of preferred stock for $160 per share.

9 Issued 14,000 shares of common stock for cash of $84,000.

10 Declared a $13,000 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-Mobile's balance sheet at October 31, 2018.
Assume C-Mobile's net income for the month was $95,000.

C-Mobile Wireless needed additional capital to expand, so the business

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capital-to-expand-so-the-business

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