Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 60,000 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: 1. Issued 19,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 58,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital Total stockholders' equity
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 60,000 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: 1. Issued 19,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 58,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital Total stockholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 60,000
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:
1. Issued 19,000 shares of common stock for $16 per share.
2. Issued 10,000 shares of the class A preferred stock for $30 per share.
3. Issued 58,000 shares of common stock for $19 per share.
Required
Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.
Stockholders' Equity
EASTPORT INCORPORATED
Balance Sheet (partial)
For the Year Ended Year 1
Total Paid-In Capital
Total stockholders' equity
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