More Info Mar 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 Lucy Little and 15,000 shares to Pam Lane in return for cash equal to the stock's market value of $18 per share. The two women were partners in Lane Rafts Co. 26 Issued 1,000 shares of common stock for $22 cash per share. Print Print Done Done The partners who own Lane Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Lane Rafts, Inc. The charter from the state of Maine authorizes the corporation to issue 125,000 shares of $2 par common stock. In its first month, Lane Rafts, Inc., completed the following transactions: IA Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar 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. Journal Entry Accounts Date Debit Credit Mar Mar 9: Issued 14,000 shares of common stock to Lucy Little and 15,000 shares to Pam Lane in return for cash equal to the stock's market value of $18 per share. The two women were partners in Lane Rafts, Co. Journal Entry Mar 9: Issued 14,000 shares of common stock to Lucy Little and 15,000 shares to Pam Lane in return for cash equal to the stock's market value of $18 per share. The two women were partners in Lane Rafts, Co. Journal Entry Date Accounts Debit Credit Mar 9 Mar 26: Issued 1,000 shares of common stock for $22 cash per share. Journal Entry ar 26: Issued 1,000 shares of common stock for $22 cash per share. Journal Entry Accounts Date Debit Credit Mar 26 Requirement 2. Prepare the stockholders' equity section of the Lane Rafts, Inc., balance sheet at March 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.) Lane Rafts, Inc. Requirement 2. Prepare the stockholders' equity section of the Lane Rafts, Inc., balance sheet at March 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.) Lane Rafts, Inc. Balance Sheet (partial) March 31, 2019 Stockholders' Equity: par, shares D shares Total paid-in capital Total stockholders' equity