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Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1...

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Accounting

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Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,900 shares of common stock for cash at $19 per share. b. Issued 1,900 shares of common stock for cash at $22 per share. 1. Complete the table below, indicoting the account, amount and direction of the effect for the above transactions, (Enter any decreases to account balances with a minus sign.) Journal entry worksheet Record the issuance of 5,900 shares of common stock with a par value $1 for a price of $19 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 1,900 shares of common stock with a par value $1 for a price of $22 per share. Note: Enter debits before credits. 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected a profit of $300. 4. Incentive Corporation has $41,000 in the company's bank account. At year-end, the accounts reflected a profit of $300. What is the maximum amount of cash dividends the company can declare and distribute

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