Partners Otis and Ollie wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as O & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 40,000 shares of 8 percent, $50 par preferred stock and 230,000 shares of no-par common stock. In its first month, O & O Services, Inc., completed the following transactions: (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.) Jan 3: Issued 6,200 shares of common stock to Otis and 3,700 shares to Ollie, both for cash of $20 per share. (Prepare a single journal entry for the issuance to both individuals.) Journal Entry Date Accounts Debit Credit More Info Jan 3 Jan 3 Issued 6,200 shares of common stock to Otis and 3,700 shares to Ollie, both for cash of $20 per share. 12 Issued 500 shares of preferred stock to acquire a patent with a market value of $25,000. 22 Issued 1,700 shares of common stock to other investors for $21 cash per share. Requirements 1. Record the transactions in the journal. Prepare the stockholders' equity section of the O&O Services, Inc.'s balance sheet at December 31. The ending balance of Retained earnings is $59,000. Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Print Done Eck