Mxa 10.2

The partners who own Picanso Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Picanso Rafts, Inc. The charter from the state of Nevada authorizes the corporation to issue 130,000 shares of $10 par common stock. In its first month, Picanso Rafts, Inc., completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Mar 6 Issued 1,000 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $20,000. Debit Organization Expense. 9 Issued 5,000 shares of common stock to Lucy Little and 12,000 shares to Paula Picanso in return for cash equal to the stock's market value of $27 per share. The two women were partners in Picanso Rafts Co. 26 Issued 600 shares of common stock for $18 cash per share. I i Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Picanso Rafts, Inc., balance sheet at March 31, 2019. The ending balance of Retained Earnings is $65,000. Print Done