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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information E11-2 (Algo) 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 6,900 shares of common stock for cash at $29 per share. b. Issued 2,900 shares of common stock for cash at $32 per share. E11-2 (Algo) Part 2 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.) View transaction list Journal entry worksheet < 2 Record the issuance of 6,900 shares of common stock with a par value $2 for a price of $29 per share. Note: Enter delits before credits. Transaction a Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Required information E11-2 (Algo) 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 6,900 shares of common stock for cash at $29 per share. b. Issued 2,900 shares of common stock for cash at $32 per share. E11-2 (Algo) Part 2 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.) View transaction list Journal entry worksheet < 2 Record the issuance of 6,900 shares of common stock with a par value $2 for a price of $29 per share. Note: Enter delits before credits. Transaction a Record entry General Journal Clear entry Debit Credit View general journal
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