Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per share. Issued 60,000 shares of common stock for $15 per share. Required a. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Issued 15,000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred stock for $51 per share. 3. Issued 60,000 shares of common stock for $15 per share.
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per share. Issued 60,000 shares of common stock for $15 per share. Required a. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Issued 15,000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred stock for $51 per share. 3. Issued 60,000 shares of common stock for $15 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000
shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A
preferred stock. The class A stock had a stated value of $50 per share. The following
stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock
for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per
share. Issued 60,000 shares of common stock for $15 per share. Required a.
Prepare general journal entries for these transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
1. Issued 15,000 shares of common stock for $12 per share.
2. Issued 5,000 shares of the class A preferred stock for $51 per share.
3. Issued 60,000 shares of common stock for $15 per share.
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