The partners who own Crew Kayaks Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Crew Kayaks, Inc. The charter from the state of Nevada authorizes the corporation to issue 125,000 shares of $15 par common stock. In its first month, Crew Kayaks, Inc., completed the following transactions:

Requirements

1. Record the transactions in the journal.

2. Prepare the stockholders’ equity section of the Crew Kayaks, Inc., balance sheet at January 31, 2019. The ending balance of Retained Earnings is $95,000.

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Oct 6 Issued 600 shares of common stock to the promoter for assistance with issuance of common stock. The promotional fee was $12,000. Debit Organization Expense. Issued 10,000 shares of common stock to Lucy Littleton and 18,000 shares to Danielle Dunaway in return for cash equal to the stock's market value of $18 per share. The two women were partners in Crew Kayaks Co. 26 Issued 900 shares of common stock for $21 cash per share.