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 Arizona authorizes the corporation to issue 160,000 shares of $2 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 journal entries.) Mar 6: Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $7,500 Debit Organization Expense. Journal Entry Accounts Credit Date Debit Mar 6 Mar 9: Issued 11,000 shares of common stock to Jenny Collins and 18,000 shares to Sarah Sanders in return for cash equal to the stock's market value of $25 per share. The two women were partners in Sanders Rafts, Co. Journal Entry Date Accounts Debit Credit Mar 9 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 Arizona authorizes the corporation to issue 160,000 shares of $2 par common stock. In its first month, Sanders Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements Mar 9: Issued 11,000 shares of common stock to Jenny Collins and 18,000 shares to Sarah Sanders in return for cash equal to the stock's market value of $25 per share. The two women were partners in Sanders Rafts, Co. Journal Entry Date Accounts Debit Credit Mar 9 Mar 26: Issued 1,200 shares of common stock for $20 cash per share Journal Entry Accounts Date Dobit Credit Mar 26 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 Arizona authorizes the corporation to issue 160,000 shares of $2 par common stock. In its first month, Sanders Rafts, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Mar 20 Requirement 2. Prepare the stockholders' equity section of the Sanders Rafts, Inc., balance sheet at March 31, 2022. The ending balance of Retained Earnings is $60,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet) Sanders Rafts, Inc. Balance Sheet (partial) March 31, 2022 Stockholders' Equity par, shares shares Total paid-in capital Total stockholders' equity - x More info Mar 6 Mar 9 Issued 300 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $7,500. Debit Organization Expense. Issued 11,000 shares of common stock to Jenny Collins and 18,000 shares to Sarah Sanders in return for cash equal to the stock's market value of $25 per share. The two women were partners in Sanders Rafts Co. Issued 1,200 shares of common stock for $20 cash per share. Mar 26 1 Requirements Da 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Sanders Rafts, Inc., balance sheet at March 31. 2022. The ending balance of Retained Earnings is $60,000. Print Done