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:

Issued 5,600 shares of common stock for cash at $21 per share.

Issued 1,600 shares of common stock for cash at $24 per share.

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.)

• Record the issuance of 5,600 shares of common stock with a par value $1 for a price of $21 per share.

• Record the issuance of 1,600 shares of common stock with a par value $1 for a price of $24 per share.