Incentive Corporation has $30,000 in the company's bank account. At the year-end, the accounts reflected a profit of $100. What is the maximum amount of cash dividends the company can declare and distribute?

Required information E11-2 (Static) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3] [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 6,000 shares of common stock for cash at $20 per share. b. Issued 2,000 shares of common stock for cash at $23 per share. 11-2 (Static) Part 4 Incentive Corporation has $30,000 in the company's bank account. At year-end, the accounts reflected a profit of $100. What is the maximum amount of cash dividends the company can declare and distribute