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Incentive Corporation was authorized to issue 1 2 , 0 0 0 shares of common stock, each with a $ 2 par value. During its
Incentive Corporation was authorized to issue shares of common stock, each with a $ par value. During its first year, the following selected transactions were completed:
a Issued shares of common stock for cash at $ per share.
b Issued shares of common stock for cash at $ per share.
Prepare the journal entry required for each of these transactions. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record the issuance of shares of common stock with a par value $ for a price of $ per share.
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,CreditaCash,Common Stock,,Additional PaidIn Capital, Common Stock,,
Record the issuance of shares of common stock with a par value $ for a price of $ per share.
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,CreditbCash,Common Stock,,Additional PaidIn Capital, Common Stock,,
Prepare the stockholders' equity section as it should be reported on the yearend balance sheet. At yearend, the accounts reflected a profit of $
tableINCENTIVE CORPORATIONBalance Sheet PartialAt December Stockholders EquityContributed Capital:,Common Stock,Additional PaidIn Capital, Common Stock,Total Contributed Capital,Retained Earnings,Total Stockholders' Equity,
Incentive Corporation was authorized to issue shares of common stock, each with a $ par value. During its first year, the following selected transactions were completed:
a Issued shares of common stock for cash at $ per share.
b Issued shares of commn stock for cash at $ per share.
Incentive Corporation has $ in the company's bank account. At yearend, the accounts reflected a profit of $ What is the maximum amount of cash dividends the company can declare and distribute?
Maximum amount of cash dividends
$
Please confirm if answers are correct
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