Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 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 Incorporated: a. Issued 21.000 shares of common stock for $16 per share. b. Issued 12.000 shares of the class A preferred stock for $30 per share. e. Issued 55,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders Equity Tote Pad in Capital

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 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 Incorporated:
a. Issued 21.000 shares of common stock for $16 per share.
b. Issued 12,000 shares of the class A preferred stock for $30 per share.
e. Issued 55,000 shares of common stock for $19 per share.
Required
Prepare the stockholders' equity section of the balance sheet immediately after these transactions.
EASTPORT INCORPORATED
Balance Sheet (partial)
For the Year Ended Year 1
Stockholders Equity
Total Paid in Capital
Total stockholders equity
Transcribed Image Text:Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 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 Incorporated: a. Issued 21.000 shares of common stock for $16 per share. b. Issued 12,000 shares of the class A preferred stock for $30 per share. e. Issued 55,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders Equity Total Paid in Capital Total stockholders equity
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