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A - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Cell to issue 80,000 shares of 10%,$150 par value cumulative preferred stock and 180,000 shares of $3 par value common stock. During the first month, A - Cell completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 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 20,000 shares of common stock for a building with a market value of $130,000. Oct. 6: Issued 800 shares of preferred stock for $170 per share. Oct. 9: Issued 12,000 shares of common stock for cash of $60,000. Oct. 10: Declared a $20,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Pay common stock. Oct. 25: Paid the cash dividend. Requirement 2. Prepare the stockholders' equity section of A - Cell's balance sheet at October 31,2024. Assume A - Cell's net income for the month was $97,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) \begin{tabular}{|c|c|} \hline Oct. 2 & Issued 20,000 shares of common stock for a building with a market value of $130,000. \\ \hline Oct. 6 & Issued 800 shares of preferred stock for $170 per share. \\ \hline Oct. 9 & Issued 12,000 shares of common stock for cash of $60,000. \\ \hline Oct. 10 & \begin{tabular}{l} Declared a $20,000 cash dividend for stockholders of record on Oct. 20 . Use a separate \\ Dividends Payable account for preferred and common stock. \end{tabular} \\ \hline Oct. 25 & Paid the cash dividend. \\ \hline \end{tabular} Assume A - Cell's net income for the month was $97,000

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