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pls answer all four parts of the question Required information E11-2 Reporting Stockholders' Equity and Determining Dividend Policy (LO 11-2. LO 11-3) The following information
pls answer all four parts of the question
Required information E11-2 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 $2 par value During its first year, the following selected transactions were completed Issued 6.400 shares of common stock for cash at $24 per share b.issued 2.400 shares of common stock for cash at $27 per share. E11-2 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.) Liabilities Stockholders' Equity year, the following selected transactions were completed a Issued 6.400 shares of common stock for cash at $24 per share. b. Issued 2400 shares of common stock for cash at $27 per share. E11-2 Part 2 2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, seles"No Journal Entry Required" in the first account field.) View transactions Journal entry worksheet Record the issuance of 6,400 shares of common stock with a par value $2 for a price of $24 per share. Note: Enter debits before credits General Journal Debit Credit E11-2 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 $2 par value. During its first year, the following selected transactions were completed: a. Issued 6,400 shares of common stock for cash at $24 per share. b. Issued 2.400 shares of common stock for cash at $27 per share. E11-2 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 net income of $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Total Stockholders' Equity Required information E11-2 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 $2 par value. During its first year, the following selected transactions were completed: a. Issued 6,400 shares of common stock for cash at $24 per share. b. Issued 2.400 shares of common stock for cash at $27 per share. E11-2 Part 4 4. Incentive Corporation has $34.000 in the company's bank account. At year-end, the accounts reflected a profit of $200. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends Step by Step Solution
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