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Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $8 per share, 12,500 shares. During the first year, the following selected transactions were completed: a. Issued 7,100 shares of common stock for cash at $21 per share. b. Issued 1,900 shares of common stock for cash at $27 per share. Requirement 1: Show the effects of each transaction on the accounting equation Give the journal entry required for each of these transactions Requirement 3: Prepare the stockholders' equity section as it should be reported on the 2009 year-end balance sheet. At year-end, the accounts reflected a profit of $450.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9947306

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