The partners who own Sanders Rafts Inc. 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 125,000 share of $5 par common stock. In its first month, Sanders Rafts, Inc., completed the following transactions:

The partners who own Sanders Rafts Inc. 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 the corpo completed the following transactions: (Click the icon to view the transactions.) te of South Dakota authorizes the corporation to issue 125,000 shares of $5 par common stock. In its first month, Sanders Rafts, Inc. Read the fequirements. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) May 6: Issued 100 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $2,000. Debit Organization Expense. Journal Entry Date Accounts Debit Credit May 6 Requirement 2. Prepare the stockholders' equity section of the Sanders Rafts, Inc., balance sheet at May 31, 2019. The ending balance of Retained Earnings is $65,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Sanders Rafts, Inc. Balance Sheet (partial) May 31, 2019 Stockholders' Equity par, shares [ shares Total paid-in capital Total stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next