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 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. 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

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 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. 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