axa 10.1

The partners who own Ameen Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Ameen Rafts, Inc. The charter from the state of Georgia authorizes the corporation to issue 180,000 shares of $3 par common stock. In its first month, Ameen Rafts, Inc., completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. * More Info May 6 Issued 700 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $16,100. Debit Organization Expense. 9 Issued 6,000 shares of common stock to Debbie Wells and 17,000 shares to Amy Ameen in return for cash equal to the stock's market value of $30 per share. The two women were partners in Ameen Rafts Co. 26 Issued 900 shares of common stock for $5 cash per share. Print Done A Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Ameen Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $70,000. Print Done