Stockholders' equity Total stockholders' equity
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par common stock and 40,000 shares of 4 percent cumulative class A
- Issued 21,000 shares of common stock for $16 per share.
- Issued 7,000 shares of the class A preferred stock for $30 per share.
- Issued 59,000 shares of common stock for $19 per share.
b. Prepare the
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- MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 3,000 shares of preferred stock for cash at $750 per share May 23 Issued 6,000 shares of common stock at $12.50 per share Jun. 10 Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share Journalize the transactions.Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 60,000 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 25,000 shares of common stock for $14 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 49,000 shares of common stock for $17 per share. Requireda. Prepare general journal entries for these transactions.b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.Moon Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common stock and 19,000 shares of $75 par, 8 percent cumulative preferred stock. Moon Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 17,850 shares of the $7 par common stock for $9 per share. January 12 Sold 1,900 shares of the 8 percent preferred stock for $85 per share. April 5 Sold 23,800 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $302,000 in cash revenue and paid $240,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3…
- Inside Incorporated was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par, 100,000 shares, one vote per share. Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting. The following selected transactions were completed during the first year of operations in the order given: a. Issued 16,000 shares of the $6 par common stock at $22 cash per share. b. Issued 2,600 shares of preferred stock at $26 cash per share. c. At the end of the year, the accounts showed net income of $34,000. Required: 1. Prepare the stockholders' equity section of the balance sheet at December 31. INSIDE INCORPORATED Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital:United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares of common stock with a par value of $3. During the year, the company earned $475,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 84,000 shares of the common stock in an initial public offering for $13 per share. b. Repurchased 26,000 shares of the previously issued shares for $16 per share and is holding them as treasury stock. c. Resold 6,000 shares of treasury stock for $19 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: Common stock UNITED RESOURCES COMPANY Additional paid-in capital Balance Sheet (Partial) At December 31, This year Total contributed capital $ 84,000 $ 84,000 Retained earnings Treasury stockEastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par common stock and 40,000 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 Inc.: Issued 21,000 shares of common stock for $16 per share. Issued 7,000 shares of the class A preferred stock for $30 per share. Issued 59,000 shares of common stock for $19 per share. Requireda. Prepare general journal entries for these transactions.
- Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $9 par common stock and 50,000 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 : 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $35 per share. 3. Issued 55,000 shares of common stock for $17 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of stated value-preferred stock Total Paid-In Capital EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total stockholders' equity $ 711,000 330,000 0 $ 1,041,000 $ 1,041,000North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 41,000 shares of the common stock for $16 per share. Issued 11,000 shares of the preferred stock at $17 per share. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. Net income for the first year was $49,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31. please avoid solutions in image format thank youWingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 20,000 shares of preferred stock at $115 per share. Mar. 2 Issued 150,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 12,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Mar.…