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 Mississippi authorizes the corporation to issue 125,000 shares of $6 par common stock. In its first month Cohen Rafts, 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 credito Exclude explanations from any journal entries) May 6 Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock The promotional fee was 57.200 Debit Organization Expense , Journal Entry Accounts Date Debit Credit May May 9 Issued 12,000 shares of common stock to Wanda Waters and 23.000 shares to Cara Cohen in return for cash equal to the stock's market value of $25 per share The two women were partners in Cohen Rafts, Co Journal Entry Accounts Date Debit Credit May