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 24,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 48,000 shares of common stock for $17 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C Issued 24,000 shares of common stock for $14 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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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 24,000 shares of common stock for $14 per share.
2. Issued 14,000 shares of the class A preferred stock for $30 per share.
3. Issued 48,000 shares of common stock for $17 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.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field.)
View transaction list
Journal entry worksheet
A
B C
Issued 24,000 shares of common stock for $14 per share. Record the
transaction.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
Transcribed Image Text: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 24,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 48,000 shares of common stock for $17 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C Issued 24,000 shares of common stock for $14 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit
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