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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $10 par common stock and 50,000 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 18,000 shares of common stock for $15 per share. Issued 13,000 shares of the class A preferred stock for $30 per share. Issued 45,000 shares of common stock for $18 per share. Required a. Prepare general journal entries for these transactions

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $10 par common stock and 50,000 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 18,000 shares of common stock for $15 per share. Issued 13,000 shares of the class A preferred stock for $30 per share. Issued 45,000 shares of common stock for $18 per share. Required a. Prepare general journal entries for these transactions

FINANCIAL ACCOUNTING
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 430,000 shares of $10 par common stock and 50,000 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:
 

  1. Issued 18,000 shares of common stock for $15 per share.
  2. Issued 13,000 shares of the class A preferred stock for $30 per share.
  3. Issued 45,000 shares of common stock for $18 per share.


Required
a. Prepare general journal entries for these transactions.
b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.

Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity
Transcribed Image Text:Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity
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