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%?,?$100 par value cumulative preferred? stock, 120,000 shares of? $3 par value common stock. During the first? month C-Cell completed the following? transactions
1. Record the transactions in the general journal.
2. Prepare the? stockholders' equity section ofUpper C minus CellC-Cell?'sbalance sheet atOctoberOctober3131?,20142014.AssumeUpper C minus CellC-Cell?'snet income for the month was$ 93 comma 000$93,000.