Chapter 11 Assignment 1 Saved Help Save & Exit Submit Check my work Part 1 of 4 1.66 points ellook Hint Print References 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 $2 per value. During its first year, the following selected transactions were completed: a. Issued 7,000 shares of common stock for cash at $30 per share. b. Issued 3,000 shares of common stock for cash at $33 per share. 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.) b. SADD a. Cash a Assets 112,100 Liabilities Common Stock Adabonal Paid-In Capital Cor 1 wwwwww Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Debit $ 5,000 Credit: $ 30,000 128,000 2,000 Bonds Payable 0 Buildings 285,000 Cash 19,500 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 19,500 Retained Earnings 120,000 Treasury Stock TOTALS $309,500 $309,500 The company entered into the following transactions during the year. Thares January 15 Issued 24,000 shares of $1 par common stock for $88,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,380 shares of $1 par common stock into treasury for $37,180 cash. March 15 Reissued 2,380 shares of treasury stock for $28,180 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,200 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $268,000 of service revenue, all of which was collected in cash. December 30 Paid $238,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.). December 31 Calculated $10,000 of depreciation for the year to be rec and income taxes.) Return to question Additional Paid-In Capital, Treasury Stock 2,000 5 August 15 Cash 4,600 Additional Paid-In Capital, Treasury Stock Treasury Stock 2,000 6,600 6 September 15 Dividends Dividends Payable 0 0 7 October 01 Cash 121,200 Premium on Bonds Payable Bonds Payable 1,200 120,000 8 October 03 Allowance for Doubtful Accounts 1,500 Accounts Receivable 1,500 9 December 29 Cash Service Revenue 268,000 268,000 10 December 30 Salaries and Wages Expense 238,000 9 December 29 Cash Service Revenue 10 December 30 Salaries and Wages Expense Cash > > 268,000 268,000 238,000 238,000 11 December 31 Depreciation Expense 10,000 Accumulated Depreciation-Buildings 10,000 12 December 31 Service Revenue 268,000 Salaries and Wages Expense Depreciation Expense 238,000 10,000 13 December 31 Retained Eamings Dividends 12,600 12,600 Return to que