Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $9 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 22,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $25 per share. 3. Issued 48,000 shares of common stock for $17 per share. Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $9 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 22,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $25 per share. 3. Issued 48,000 shares of common stock for $17 per share. Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $9 par common stock and 40,000 shares
of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock
transactions pertain to Eastport Inc.:
1. Issued 22,000 shares of common stock for $14 per share.
2. Issued 11,000 shares of the class A preferred stock for $25 per share.
3. Issued 48,000 shares of common stock for $17 per share.
Required:
Prepare the stockholders' equity section of the balance sheet immediately after these transactions.
EASTPORT INC.
Balance Sheet (partial)
For the Year Ended Year 1
Stockholders' Equity
Total Paid-In Capital
Total stockholders' equity
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