May 9: Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts, Co. Journal Entry Accounts Date Debit Credit May 9 Cash 255000 Common Stock 75000 i More Info Paid-in Capital in Excess of ParCommon 180,000 May 26: Issued 700 shares of common stock for $18 cash per share. Journal Entry Accounts May 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $12,000. Debit Organization Expense. 9 Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts Co. 26 Issued 700 shares of common stock for $18 cash per share. Date Debit Credit May 26 Cash 12600 Common Stock 11900 Print Done Paid-in Capital in Excess of ParCommon 700 Requirement 2. Prepare the stockholders' equity section of the Cohen Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $100,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Cohen Rafts, Inc. Balance Sheet (partial) May 31, 2019 Stockholders' Equity: Common stock, par, shares shares Total paid-in capital MOLI Total stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. 2 Requirement 2. How many shares of common stock were outstanding at the end of 2018? shares of common stock were outstanding at the end of 2018. Requirement 3. As of December 31, 2018, what was the average price that stockholders paid for all common stock when issued? (Enter your answer to the nearest cent.) The average price that stockholders paid for all common stock when issued was $ per share. Requirement 4. Prepare a summary journal entry to record the change in common stock during the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Cash Treasury Stock Paid-in CapitalTreasury Stock Transactions Requirement 5. What was the average price that stockholders paid for the common stock issued in 2018? (Enter your answer to the nearest cent.) The average price that stockholders paid for the common stock issued in 2018 was $ per share. Requirement 6. What was the average price paid by Go - Team Uniforms for the treasury stock at December 31, 2018? (Enter your answer to the nearest cent.) The average price by Go-Team for the treasury stock was $ per share. Requirement 7. Prepare a summary journal entry to record the change in treasury stock during the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit May 9: Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts, Co. Journal Entry Accounts Date Debit Credit May 9 Cash 255000 Common Stock 75000 i More Info Paid-in Capital in Excess of ParCommon 180,000 May 26: Issued 700 shares of common stock for $18 cash per share. Journal Entry Accounts May 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $12,000. Debit Organization Expense. 9 Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts Co. 26 Issued 700 shares of common stock for $18 cash per share. Date Debit Credit May 26 Cash 12600 Common Stock 11900 Print Done Paid-in Capital in Excess of ParCommon 700 Requirement 2. Prepare the stockholders' equity section of the Cohen Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $100,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Cohen Rafts, Inc. Balance Sheet (partial) May 31, 2019 Stockholders' Equity: Common stock, par, shares shares Total paid-in capital MOLI Total stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. 2 Requirement 2. How many shares of common stock were outstanding at the end of 2018? shares of common stock were outstanding at the end of 2018. Requirement 3. As of December 31, 2018, what was the average price that stockholders paid for all common stock when issued? (Enter your answer to the nearest cent.) The average price that stockholders paid for all common stock when issued was $ per share. Requirement 4. Prepare a summary journal entry to record the change in common stock during the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Cash Treasury Stock Paid-in CapitalTreasury Stock Transactions Requirement 5. What was the average price that stockholders paid for the common stock issued in 2018? (Enter your answer to the nearest cent.) The average price that stockholders paid for the common stock issued in 2018 was $ per share. Requirement 6. What was the average price paid by Go - Team Uniforms for the treasury stock at December 31, 2018? (Enter your answer to the nearest cent.) The average price by Go-Team for the treasury stock was $ per share. Requirement 7. Prepare a summary journal entry to record the change in treasury stock during the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit