Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed:

Issued 6,200 shares of common stock for cash at $22 per share.

Issued 2,200 shares of common stock for cash at $25 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 $300.