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 130,000 shares of $4 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 credits. Exclude explanations from any journal entries.) May 6: Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $12,000. Debit Organization Expense. More Info May 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $12,000. Debit Organization Expense. 9 Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts Co. 26 Issued 700 shares of common stock for $18 cash per share. ash equal to the stock's market value of $15 per share. Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? May 9: Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts, Co. Journal Entry Accounts Date Debit Credit May 9 Cash 255000 Common Stock 75000 i More Info Paid-in Capital in Excess of ParCommon 180,000 May 26: Issued 700 shares of common stock for $18 cash per share. Journal Entry Accounts May 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $12,000. Debit Organization Expense. 9 Issued 5,000 shares of common stock to Debbie Wells and 17,000 shares to Cara Cohen in return for cash equal to the stock's market value of $15 per share. The two women were partners in Cohen Rafts Co. 26 Issued 700 shares of common stock for $18 cash per share. Date Debit Credit May 26 Cash 12600 Common Stock 11900 Print Done Paid-in Capital in Excess of ParCommon 700 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 $100,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Cohen Rafts, Inc. Balance Sheet (partial) May 31, 2019 Stockholders' Equity: Common stock, par, shares shares Total paid-in capital MOLI Total stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. 2