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:

Issued 5,500 shares of common stock for cash at $20 per share.

Issued 1,500 shares of common stock for cash at $23 per share.

Required information [The following information applies to the questions displayed below.] 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 5,500 shares of common stock for cash at $20 per share. b. Issued 1,500 shares of common stock for cash at $23 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.) Journal entry worksheet Record the issuance of 5,500 shares of common stock with a par value $2 for a price of $20 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 1,500 shares of common stock with a par value $2 for a price of $23 per share. Note: Enter debits before credits