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 5,700 shares of common stock for cash at $20 per share. b. Issued 1,700 shares of common stock for cash at $23 per share. 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.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a Cash 114,000 Common Stock 5,700 X 5,700 X Additional Paid-In Capital, Common Stock 2 b Cash 39,100 Common Stock 2,200 X Additional Paid-In Capital, Common Stock 1,700 X