AXA 10.1

The partners who own Whitewater Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Whitewater Rafts, Inc. The charter from th state of California authorizes the corporation to issue 130,000 shares of $5 par common stock. In its first month, Whitewater Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. * More Info Jan 6 Issued 200 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $5,000. Debit Organization Expense. 9 Issued 14,000 shares of common stock to Patricia Penny and 23,000 shares to Wendy Whitewater in return for cash equal to the stock's market value of $30 per share. The two women were partners in Whitewater Rafts Co. 26 Issued 1,400 shares of common stock for $24 cash per share. Print Done Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Whitewater Rafts, Inc., balance sheet at January 31, 2019. The ending balance of Retained Earnings is $65,000. Print Done