The partners who own Cohen Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Cohen Rafts, Inc. The charter from the state of Colorado authorizes the corporation to issue 180,000 shares of $4 par common stock. In its first month, Cohen Rafts, Inc., completed the following transactions: i (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.) May 6: Issued 400 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $8,400. Debit Organization Expense. Date May 6 Journal Entry Accounts Debit Credit -C May 9: Issued 8,000 shares of common stock to Jenny Stike and 22,000 shares to Cara Cohen in return for cash equal to the stock's market value of $5 per share. The two women were partners in Cohen Rafts, Co. Date May Journal Entry Accounts May 26: Issued 1,100 shares of common stock for $30 cash per share Date May Journal Entry Accounts Debit Credit Debit Credit Requirements 1. Record the transactions in the journal. 2 Prepare the stockholders' equity section of the Cohen Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $60,000. Print Done Requirement 2. Prepare the stockholders' equity section of the Cohen Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $60,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet) Cohen Rafts, Inc. Stockholders' Equity: shares Total paid-in capital Total stockholders' equity Balance Sheet (partial) May 31, 2019 shares More info May 6 Issued 400 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $8,400. Debit Organization Expense. 9 Issued 8,000 shares of common stock to Jenny Stike and 22,000 shares to Cara Cohen in return for cash equal to the stock's market value of $5 per share. The two women were partners in Cohen Rafts Co. 26 Issued 1,100 shares of common stock for $30 cash per share. Print Done - X