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:

1. Issued 6,100 shares of common stock for cash at $21 per share.
2. Issued 2,100 shares of common stock for cash at $24 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 a profit of $200.

INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital 0 Total Stockholders' Equity $ 0