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 5,100 shares of common stock for cash at $21 per share. b. Issued 1,100 shares of common stock for cash at $24 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.)

a. Record the issuance of 5,100 shares of common stock with a par value $2 for a price of $21 per share.

b. Record the issuance of 1,100 shares of common stock with a par value $2 for a price of $24 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 $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital 0 Total Stockholders' Equity 0