E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3]

Skip to question

[The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed:

1. Issued 7,000 shares of common stock for cash at $30 per share.
2. Issued 3,000 shares of common stock for cash at $33 per share.

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.)