The partners who own Lane Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Lane Rafts, Inc. The chanel WORK 150 state of Nevada authorizes the corporation to issue 150.000 shares of 510 par common stock. In its first month, Lane 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) Jul 6: Issued 100 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $2,100. Debit Organization Expense. Date Jul 6 Journal Entry Accounts Debit Credit Jul 9 Issued 5,000 shares of common stock to Jenny Collins and 19,000 shares to Pam Lane in return for cash equal to the stock's market value of $27 per share. The two women were partners in Lane Rafts, Co Journal Entry Date Accounts Debit Credit Ju 9 Issued 5,000 shares of common stock to Jenny Collins and 10,000 shares to Pam Lane in retum for cash equal to the stock's market value of $27 per share. The two women were partners in Lane Rafts, Co Date 9 Journal Entry Accounts Jul 26: Issued 1,400 shares of common stock for $21 cash per share Date Jul 26 Journal Entry Accounts Debit Credit Debit Credit The partners who own Lane Rafts Co. wished to avoid the un state of Nevada authorizes the corporation to issue 150,000 Click the icon to view the transactions) Read the requirements Requirement 2. Prepare the stockholders' equity section of accounts in the proper order for the stockholders' equity sec Lane Rafts, Inc. Balance Sheet (partial) July 31, 2022 Stockholders' Equity shares Total paid-in capital Total stockholders' equity Jul 6 JU9 Jul 20 Issued 100 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $2,100, Debit Organization Expense Issued 5,000 shares of common stock to Jenny Collins and 19,000 shares to Pam Lane in return for cash equal to the stock's market value of $27 per share. The two women were partners in Lane Rafts Co. Issued 1,400 shares of common stock for $21 cash per share shares par Print Done