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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

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:

a. Issued 5,200 shares of common stock for cash at $22 per share.
b. Issued 1,200 shares of common stock for cash at $25 per share.

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