incentive corporation was authorized to issue 12000shares of common stock, each with a $2par 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.\

1. Complete the table below, (A=L+SE) indicating the effects on the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.)

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.)