11-9 Recording and Reporting common and preferred stock transactions

Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 320,000 shares of $9 par common stock and 30,000 shares of 5 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: a. Issued 19.000 shares of common stock for $14 per share. b. Issued 12,000 shares of the class A preferred stock for $30 per share. c. Issued 54,000 shares of common stock for \$17 per share Required Prepare the stockholders' equity section of the balance sheet immeciately after these transactions. \begin{tabular}{|l|} \hline \multicolumn{2}{|c|}{ EASTPORT INCORPORATED } \\ \hline \multicolumn{1}{|c|}{ Bor the Year Ended Year 1 } \\ \hline Stockholders' Equity \\ \hline Common stock \\ Appropriated retained earnings \\ Cash \\ Common stock \\ Dividends payable \end{tabular} Land Operating expenses Paid-in capital in excess of cost Paid-in capital in excess of par, CS Paid-in capital in excess of SV, CS Paid-in capital in excess of SV, PS Preferred stock Retained earnings Service revenue