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More info Jul 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $11,500. Debit Organization Expense. Jul 9 Issued 9,000 shares of common stock to Jenny Collins and 17,000 shares to Pam Lane in return for cash equal to the stock's market value of $10 per share. The two women were partners in Lane Rafts Co. Jul 26 Issued 700 shares of common stock for $22 cash per share. Requirement 1. Record the transactions in the joumal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 6: Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $11,500. Debit Organization e Jul 9: issued 9,000 shares of common stock to Jenny. Collins and 17,000 shares to Pam Lane in retum for cash equal to the stock's market value of $10 per share. The wul eu, ssuera runs snares of common stock for $22 cash per share. Requirement 2. Prepare the stockholderi' equity section of the Lane Rafts, Inc, balance sheet at July 31, 2022. The onding balance of Reiained Earnings is s50,000. (Enior the accounta in ife sheet.) Requirement 2. Prepare the stockholders' equity section of the Lane Raft, Inc., balance sheet at July 31,2022 . The ending balance of Retained Eaming sheet) Ul 26: Issued 700 shares of common stock for $22 cash per share. anding balance of Retainod Eamint