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 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. 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: Total Contributed Capital Total Stockholders' Equity

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 5,400 shares of common stock for cash at $24 per share.
b. Issued 1,400 shares of common stock for cash at $27 per share.
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:
Total Contributed Capital
Total Stockholders' Equity

Image Transcription

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 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. 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: Total Contributed Capital Total Stockholders' Equity

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