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P10-1B. Issuing shares (Learning Objectives 3 \& 7) 10-15 min. Partners Rolland and Salina wish...

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P10-1B. Issuing shares (Learning Objectives 3 \& 7) 10-15 min. Partners Rolland and Salina wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating their company as R \& S Enterprises Inc. The charter from Alberta authorizes the corporation to issue 20,000 shares of 9 percent, $100 stated preferred shares and 350,000 common shares. In its first month, R \& S Enterprises Inc. completed the following transactions: Requirements Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders' equity section of the R \& S Enterprises Inc.'s statement of financial position at December 31 . The ending balance of Retained Earnings is $57,000

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