2. Laurel Canoes' constitution authorizes the corporation to issue 8,000 no-par preference shares and 120,000 shares of 8 par ordinary share. In its first month, Laurel Canoes completed the following transactions: Jan. 6 Issued 500 ordinary shares to the promoter for assistance with issuance of ordinary shares. The promotional fee was 7,500. Debit Organization Expense. 9 Issued 9,000 ordinary shares to Lou Laurel and 10,000 shares to Larry Laurel in return for cash equal to the share's market value of 15 per share. The Laurel were partners in Laurel Canoes, Inc. 10 Issued 600 preference shares to acquire a patent with a market value of 12,000. 26 Issued 1,400 ordinary shares for 15 cash per share. Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Laurel Canoes, Inc., Balance Sheet at January 31. The ending balance of Retained Earnings is 56,000. M)