Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1...
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Accounting
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:
Issued 5,600 shares of common stock for cash at $21 per share.
Issued 1,600 shares of common stock for cash at $24 per share.
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.)
Record the issuance of 5,600 shares of common stock with a par value $1 for a price of $21 per share.
Record the issuance of 1,600 shares of common stock with a par value $1 for a price of $24 per share.
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