C Cell Wireless needed additional capital to expand so the

business #459
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.Requirements1. 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.View Solution:
C Cell Wireless needed additional capital to expand so the business

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