ncentive Corporation was authonized to lssue 12.000 shares of common stock, each

Question

ncentive Corporation was authonized to lssue 12.000 shares of common stock, each with o $2 par value. Durtng its first year, the following selected transactions were completed: a. Issued 5,700 shares of common stock for cash at $20 per share. b. Issued 1,700 shares of common stock for cash at $23 per share. value 10.00 points Required 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) fes

Explanation / Answer

Effect of transaction :

Transaction Assets = Liabilities + Stockholder's equity a. Cash 114000 Common Stock 11400 Paid in capital in excess of par value-Common Stock 102600 b Cash 39100 Common Stock 3400 Paid in capital in excess of par value-Common Stock 35700

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