Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $11 par common stock and 30,000 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 18,000 shares of common stock for $16 per share. b. Issued 12,000 shares of the class A preferred stock for $35 per share. c. Issued 56,000 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

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $11 par common stock and 30,000 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 18,000 shares of common stock for $16 per share. b. Issued 12,000 shares of the class A preferred stock for $35 per share. c. Issued 56,000 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

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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