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[The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shates of common stock, each with a $1 par

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[The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shates of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 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 $200. [The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shates of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 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 $200

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