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 6,600 shares of common stock for cash at $26 per share. Issued 2,600 shares of common stock for cash at $29 per share. Prepare the journal entry required for each of these transactions.

1: Record the issuance of 6,600 shares of common stock with a par value $2 for a price of $26 per share.

2: Record the issuance of 2,600 shares of common stock with a par value $2 for a price of $29 per share.