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[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:

1. Issued 5,600 shares of common stock for cash at $21 per share.
2. Issued 1,600 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 $300.

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