please explain the second portion D - Mobile Wireless needed additional capital...
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please explain the second portion
D - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D - Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile 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 19,000 shares of common stock for a building with a market value of $240,000. Date Accounts and Explanation Debit Credit Oct. 2 Building 240,000 Common Stock-$4 Par Value Paid-In Capital in Excess of Par-Common 76,000 164,000 Issued common stock for building. Oct. 6: Issued 600 shares of preferred stock for $140 per share. Date Accounts and Explanation Debit Credit Oct. 6 Cash 84000
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