The articles of incorporation from the province of Ontario authorize Extreme Canoes Inc. to issue 7,000 shares of $6 preferred shares and 120,000 common shares. In its first month, Extreme completed the following transactions: (1) (Click the icon to view the transactions.) Requirements 1. Record the transactions in the joumal. 2. Prepare the shareholders' equity section of the Extreme balance sheet at October 31,2020 . The ending balance of Retained Eamings is $51,000. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Oct. 6. Issued 300 common shares to the lawyer for assistance with chartering the corporation. The lawyer's fee was $1,800. Debit Organization Expense. Oct 9. Issued 7,500 common shares to Jerry Spence and 11.500 shares to Sheila Markle in return for cash equal to the shares' market price of $6 per share. Spence and Markle are executives of the company. The articles of incorporation from the province of Ontario authorize Extreme Canoes inc. to issue 7,000 shares of $6 preferred shares and 120,000 common shares. In its first month, Extreme completed the following transactions: (1) (Click the icon to view the transactions.) Requirements 1. Record the transactions in the joumal. 2. Prepare the shareholders' equity section of the Extreme balance sheet at October 31,2020. The ending balance of Retained Earnings is $51,000. Oct. 10: Issued 500 preferred shares to acquire a patent with a fair value of $80,000 Oct 26: Issted 2,000 common shares for cash of $18,000 sheet. List preferred shares first.) The articles of incorporation from the province of Ontario authorize Extreme Canoes inc. to issue 7,000 shares of $6 preferred shares and 120,000 common shares. In its first month, Extreme completed the following transactions: (1) (Click the icon to view the transactions.) Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the Extreme balance sheet at October 31, 2020. The ending balance of Retained Earnings is $51,000. Requirement 2. Prepare the sharehoiders equity section of the E:treme balance sheet at october 31.2020 . The ending balance of Retained Eamings is $51,000. (Enter the accounts in the proper order for the sharehoiders' equity section of the balance sheet. List preferred shares first.)