1-2 Part 3 Prepare the stockholders\' equity section as it should be reported on
ID: 2556356 • Letter: 1
Question
1-2 Part 3 Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected Net income of $300. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Required Information E11-2 Reporting Stockholders Equity and Determining Dividend Policy [LO 11-2, LO 11-3] Contributed Capital: The following information applies to the questions displayed below Total Contributed Capital Incentive Corporation was authorized to issue 12000 shares of common 1 par value. During its first year, the following selected transactions were completed Total Stockholders' Equity a. Issued 5.600 shares of common stock for cash at $21 per share. b. Issued 1,600 shares of common stock for cash at $24 per share References eBook &Resources; Financial Statements Difficulty: 2 Medium Learning Objective: 11-03 Explain and analyze cash dividends, sto MacBook ProExplanation / Answer
Solution E11 - 2:
Solution 2:
Incentive Corporation Balance Sheet (Partial) At December 31 Stockholder's Equity Amount Contributed Capital: 12000 authorized share of common stock with a $1 par value , issued 7200 shares of common stock $7,200.00 Paid in capital in excess of par common stock [(5600*$20 + 1600*$23) $148,800.00 Total Contributed capital $156,000.00 Retained Earnings $300.00 Total Stockholder's Equity $156,300.00Related Questions
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