Chp. 11 Homework Problems (REQUIRED) Help Save &Exit Su 2 Check my wo Required information E11-2 Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3 The following information applies to the questions displayed below) Incentive Corporation was uthorized to issue 12,000 shares of common stock, each with a $2 par value. During its first Part 1 of 4 5.55 points year, the following selected transactions were completed a Issued 6,700 shares of common stock for cash at $27 per share b. Issued 2,700 shares of common stock for cash at $30 per share. eBook Hint Print References E11-2 Part 1 Required: 1. Complete the table below indicating the account amount and direction of the effect for the above transactions (Enter any decreases to account belances with o minus sign) Type here to search Help Save &Exit Submi Check my work E11-2 Part 1 Required: 1. Complet indicating the account, amount, and direction of the effect for the above transactions (Enter any decreases to account balances with a minus sign.) Assets b. 2 3 4 5 le, 18 li Nest > search Required information Record the issuance of 6,700 shares of common stock with a par value $2 for a price of $27 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit ash ommon Stock Additional Paid-In Capital, Common Stock Clear entry View general journal Record entry Record the issuance of 2,700 shares of common stock with a par value $2 for a price of $30 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Cash Common Stock Additional Paid-In Capital, Common Stock Clear entry View general journal Record entry Next > Ptey 3 4 5; of 18 i i 11-2 Part 3 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected net income of $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock Additional Paid-in Capital, Common Stock Total Contributed Capital Total Stockholders Equity K Prex45of 18E Next rch