Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par common stock and 70,000 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 16,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 55,000 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. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par common stock and 70,000 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 16,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 55,000 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.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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