answer in text form please (without image) 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 firstyear, the following selected transactions were completed:a. Issued 5,300 shares of common stock for cash at $23 per share.b. Issued 1,300 shares of common stock for cash at $26 per share.3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accountsreflected a profit of $300.Contributed CapitalINCENTIVE CORPORATIONBalance Sheet (Partial)At December 31Stockholders' EquityTotal Contributed CapitalTotal Stockholders' EquityS00

Stockholders equity is that section in the balance sheet that consist of contributed capital plus…

ued 5,300 shares of common stock for cash at $23 per share. ued 1,300 shares of common stock for cash at $26 per share. the stockholders' equity section as it should be reported on the year-end balan a profit of $300.

ued 5,300 shares of common stock for cash at $23 per share. ued 1,300 shares of common stock for cash at $26 per share. the stockholders' equity section as it should be reported on the year-end balan a profit of $300.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 18E: Stockholders' Equity section of balance sheet The following accounts and their balances appear in...

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