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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 40,000 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.:

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 40,000 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.:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 40,000 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 23,000 shares of common stock for $17 per share. 2. Issued 9,000 shares of the class A preferred stock for $30 per share. 3. Issued 51,000 shares of common stock for $20 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
Transcribed Image Text:Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 40,000 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 23,000 shares of common stock for $17 per share. 2. Issued 9,000 shares of the class A preferred stock for $30 per share. 3. Issued 51,000 shares of common stock for $20 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
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