Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 360,000 shares of $10 par common stock and 25,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc. 1. Issued 24,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 47,000 shares of common stock for $18 per share. Required Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Cash Total Paid-In Capital Total stockholders' equity 4
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 360,000 shares of $10 par common stock and 25,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc. 1. Issued 24,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 47,000 shares of common stock for $18 per share. Required Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Cash Total Paid-In Capital Total stockholders' equity 4
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 360,000 shares of $10 par common stock and 25,000 shares
of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock
transactions pertain to Eastport Inc.
1. Issued 24,000 shares of common stock for $15 per share.
2. Issued 14,000 shares of the class A preferred stock for $30 per share.
3. Issued 47,000 shares of common stock for $18 per share.
Required
Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized.
EASTPORT INC.
Balance Sheet (partial)
For the Year Ended Year 1
Stockholders' Equity
Cash
Total Paid-In Capital
Total stockholders' equity
4
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