P8.37A The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares of $6 preferred shares and 100,000 common shares. In its first month, Challenger completed the following transactions: 2020 Oct. 6 Issued 300 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $1,500. Debit) Organization Expense. 9 Issued 9,000 common shares to Jerry Spence and 12,000 shares to Sheila Markle in return for cash equal to the shares, market price of $5 per share, Spence and Markle are executives of the company. 10 Issued 400 preferred shares to acquire a patent with a fair value of $40,000. 26 Issued 2,000 common shares for cash of $12,000. Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31 , 2020. The ending balance of Retained Earnings is $49,000. P8.37A The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares of $6 preferred shares and 100,000 common shares. In its first month, Challenger completed the following transactions: 2020 Oct. 6 Issued 300 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $1,500. Debit) Organization Expense. 9 Issued 9,000 common shares to Jerry Spence and 12,000 shares to Sheila Markle in return for cash equal to the shares, market price of $5 per share, Spence and Markle are executives of the company. 10 Issued 400 preferred shares to acquire a patent with a fair value of $40,000. 26 Issued 2,000 common shares for cash of $12,000. Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Challenger balance sheet at October 31 , 2020. The ending balance of Retained Earnings is $49,000