Question

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 $1 par value. During its first year, the following selected transactions were completed a Issued 5,600 shares of common stock for cash at $21 per share b. Issued 1,600 shares of common stock for cash at $24 per share 2. Prepare the journal entry required for each of these transactions. (It no entry ls required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the issuance of 5,600 shares of common stock with a par value $1 for a price of $21 per share. Note: Enter debits before credits. Debit Credit General Journal Transaction
both parts please

Answer 1

Debit (s) Credit (5) Account Titles and Explanation a Cash (5,600 $21 117600 Common Stock (5,600*$1 Paid in capital in excess of par value-Common Stock [5600 ($21-$1)] 5600 11:xxx) To record the issue of common stock) b Cash (1,600 $24 38400 Common Stock (1,600" S1) Paid in capital in excess of par value-Common Stock [1,600* ($24-$1)] 1600 36800 To record the issue of common stock)