Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par common stock and 55,000 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 21,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 shares of common stock for $17 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

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par common stock and 55,000 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 21,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 shares of common stock for $17 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 60,000 shares of 4 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 Incorporated: Issued 25,000 shares of common stock for $14 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 49,000 shares of common stock for $17 per share. Requireda. Prepare general journal entries for these transactions.b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.
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