P13-2B The partners who own Craven & Thames wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated the partnership as C & T Services, Inc. The charter from the state of Louisiana authorizes the corporation to issue 10,000 shares of 6%. $100 par preferred stock and 250,000 shares of no-par common stock. In its first month, C&T Services completed the following transactions; Jan. 3 12 22 Required Issued 6,300 shares of common stock to Craven and 3,800 shares to Thames. both for cash of $10 per share. Issued 1.000 shares of preferred stock to acquire a patent with a market value of $110,000. Issued 1,500 shares of common stock to other investors for $15 cash per share. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the C & T Services. Inc., balance sheet at January 31. The ending balance of Retained Earnings is $40.300.