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please help me with all of these Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3] [The following information
please help me with all of these
Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3] [The following information applies to the questions displaycd below] 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: a. Issued 6,800 shares of common stock for cash at $28 per share. b. Issued 2,800 shares of cogmon stock for cash at $31 per share. 11-2 (Algo) Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) [The following information applies to the questions displayed below] 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: a. Issued 6,800 shares of common stock for cash at $28 per share. b. Issued 2,800 shares of common stock for cash at $31 per share. E11-2 (Algo) Part 2 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.) Journal entry worksheet Record the issuance of 6,800 shares of common stock with a par value $1 for a price of $28 per share. Note: Enter debits before credits. [The following information applies to the questions displayed below.] 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: a. Issued 6,800 shares of common stock for cash at $28 per share. b. Issued 2,800 shares of common stock for cash at $31 per share. 11-2 (Algo) Part 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.) Journal entry worksheet Record the issuance of 2,800 shares of common stock with a par value $1 for a price of $31 per share. Note: Enter debits before credits: a. Issued 6,800 shares of common stock for cash at $28 per share. b. Issued 2,800 shares of common stock for cash at $31 per share. 11-2 (Algo) Part 3 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected a profit of $300. Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] 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: a. Issued 6,800 shares of common stock for cash at $28 per share. b. Issued 2,800 shares of common stock for cash at $31 per share. E11-2 (Algo) Part 4 4. Incentive Corporation has $38,000 in the company's bank account. At year-end, the accounts reliected a profit of $300. What is maximum amount of cash dividends the company can declare and distribute Step by Step Solution
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