Journalizing corporate transactions and preparing the stockholders equity sectio

Journalizing corporate transactions and preparing the stockholders equity section of the balance sheet C-Mobile Wireless needed additional capital to expand so the business incorporated.The charter from the state of Georgia authorizes C-Mobile to issue 60000 shares of 10% $150-par preferred stock and 140000 shares of no-par common stock.C-Mobile completed the following transactions:Dec 2 Issued 21000 shares of common stock for equipment with a market value of $140000.Dec 6 Issued 500 shares of preferred stock to acquire a patent with a market value of $75000.Dec 9 Issued 10000 shares of common stock for cash of $60000Requirements1. Record the transactions in the general journal.2. Prepare the stockholders equity section of the C-Mobile balance sheet at December 31. The ending balance of Retained earnings is $90000