Required information [The following information applies to the questions displayed beiow] Incentive Corporation was authorized to issoe 12,000 shares of common stock, each with a $2 par value, During its first yeat, the following solected 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. Aequired: 1. Compiete the tabie below, indicating the account, amount, and direction of the effect for the above transactionf. (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.) North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 44,000 shares of the common stock for $19 per share. b. Issued 11,000 shares of the preferred stock at $20 per share. c. Issued 3,400 shares of the common stock at $24 per share and 1,100 shares of the preferred stock at $20. d. Net income for the first year was $52,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31