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Accounting

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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 6,000 shares of common stock for cash at $20 per share.
b. Issued 2,000 shares of common stock for cash at $23 per share.
Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the
accounts reflected a profit of $100.
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