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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 Texas authorizes the corporation to issue 170,000 shares of $20 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. October 31, 2019 Stockholders' Equity: Common stock, 20 par, issued and outstanding 170000 shares authorized 170000 shares Paid-in capital in excess of parcommon Total paid-in capital Retained earnings TI Total stockholders' equity i More Info - X Oct 6 Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $6,600. Debit Organization Expense. 9 Issued 15,000 shares of common stock to Anna Bergen and 17,000 shares to Paula Picanso in return for cash equal to the stock's market value of $30 per share. The two women were partners in Picanso Rafts Co. 26 Issued 1,000 shares of common stock for $24 cash per share. Print Done 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Picanso Rafts, Inc., balance sheet at October 31, 2019. The ending balance of Retained Earnings is $45,000