The partners who own Jefferson Rafts C0. wished to avoid the unlimited personal liability of the partner form of business, so they incorporated as Jefferson Rafts, Inc. The charter from the state of Vermont authorizes the corporation to issue 200,000 shares of $15 par common stock. In its first month. Jefferso Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Jan 6 Issued 900 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was \$27,000. Debit Organization Expense. Jan 9 Issued 4,000 shares of common stock to Linsdey Crow and 14,000 shares to Jackielefferson in retum for cash equal to the stock's market value of $20 per share The two women were partners in Jefferson Rafts Co Jan 26 Issued 1,600 shares of common stock for $25 cash per share. Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Jefferson Rafts, Inc, balance sheet at March 31 , 2022. The ending balance of Retained Earnings is $55,000 The partners who own Jefferson Rafts Co. wished to avoid the unlimited personal liability of the partnership \begin{tabular}{cccc} \multicolumn{1}{c}{} & Journal Entry & Accounts \\ \hline Date & \multicolumn{1}{c|}{ Cebit } \\ \hline Jan & 6 Paid-in Capital in Excess of Par-Common \\ \hline & Common Stock \\ \hline & Retained Earnings \\ \hline Paid-in Capital in Excess of Par-Common \end{tabular}