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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 $1 par value. During its first year, the following selected transactions were completed a. Issued 5,900 shares of common stock for cash at $19 per share b. Issued 1,900 shares of common stock for cash at $22 per share 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.) Assets Liabilities Stockholders' Equity 2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the issuance of 5,900 shares of common stock with a par value $1 for a price of $19 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the issuance of 1,900 shares of common stock with a par value $1 for a price of $22 per share. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 $300. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Total Stockholders' Equity 4. Incentive Corporation has $41,000 in the company's bank account. At year-end, the accounts reflected a profit of $300. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends