Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $9 par common stock and 45,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $14 per share. b. Issued 5,000 shares of the class A preferred stock for $35 per share c. Issued 49,000 shares of common stock for $17 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 $ $ 0 0
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $9 par common stock and 45,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $14 per share. b. Issued 5,000 shares of the class A preferred stock for $35 per share c. Issued 49,000 shares of common stock for $17 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 $ $ 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Subject: acounting
Transcribed Image Text:Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $9 par common stock and 45,000
shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock
transactions pertain to Eastport Incorporated:
a. Issued 17,000 shares of common stock for $14 per share.
b. Issued 5,000 shares of the class A preferred stock for $35 per share
c. Issued 49,000 shares of common stock for $17 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
$
$
0
10
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