2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a)Record the issuance of 6,800 shares of common stock with a par value $1 for a price of $28 per share.

b) Record the issuance of 2,800 shares of common stock with a par value $1 for a price of $31 per share.

3. Prepare the stockholders equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected net income of $300.

4. Incentive Corporation has $38,000 in the companys bank account. At year-end, the accounts reflected a profit of $300. What is the maximum amount of cash dividends the company can declare and distribute?

Required information The following information applies to the questions displayed below.) Incentive Corporation was authorized to issue 12.000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 6,800 shares of common stock for cash at $28 per share b. Issued 2,800 shares of common stock for cash at $31 per share Required 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity