The partners who own Sanders Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Sanders Rafts, Inc. The charter from the state of South Dakota authorizes the corporation to issue 130,000 shares of $12 par common stock. In its first month, Sanders 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 joumal entries.) Jan 6: Issued 100 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $2,800. Debit Organization Expense. Date Jan 6 Journal Entry Accounts Debit Credit Jan 9: Issued 15,000 shares of common stock to Lucy Little and 19,000 shares to Sarah Sanders in return for cas Date Jan 9 Journal Entry Accounts Jan 26: Issued 1,400 shares of common stock for $30 cash per share. Journal Entry Debit Credit Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Sanders Rafts, Inc., balance sheet at January 31, 2022. The ending balance of Retained Earnings is $65,000. Print Done - X Jan 6 Issued 100 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $2,800. Debit Organization Expense. Jan 9 Issued 15,000 shares of common stock to Lucy Little and 19,000 shares to Sarah Sanders in retum for cash equal to the stock's market value of $30 per share. The two women were partners in Sanders Rafts Co. Jan 26 Issued 1,400 shares of common stock for $30 cash per share.