At December 31, 2018,Eastern Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts).

Eastern's 2019 transactions included

Requirements

1. Journalize Eastern's transactions in parts b, c, d, and e. Explanations are not required.

2. What was the overall effect of these transactions (parts a-e) on Eastern's stockholders' equity?

Common stock, $2.00 par value per share, 30 million shares issued Paid-in capital in excess of par value Retained earnings Treasury stock, at cost 60 75 265 (110) 290 Total stockholders' equity Requirement 1. Journalize Eastern's transactions in b, c, d, and e. Explanations are not required. (Enter amounts in m b. Issuance of 6 million shares of common stock for $12.00 per share. Journal Entry Date Accounts Debit Credit b. c. Purchase of 9 million shares of treasury stock for 5117 million Journal Entry Date Accounts Debit Credit C. d. Sold 3 million of the treasury shares purchased in part c for $42 million Journal Entry Date Accounts Debit Credit d. e 1. Declaration and payment of cash dividends of 531 million. Journalize the declaration of the dividend only. You will prepare the journal entry for the payment of the dividend next. Journal Entry Date Accounts Debit Credit e 1 e 2. Declaration and payment of cash dividends of 531 million. Now journalize the payment of the cash dividends. Journal Entry Date Accounts Debit Credit e 2. a. Net income, 5442 million b. Issuance of 6 million shares of common stock for $12.00 per share c. Purchase of 9 million shares of treasury stock for $117 million d. Sold 3 million of the treasury shares purchased in part c for 542 million e. Declaration and payment of cash dividends of $31 million Requirement 2. What was the overall effect of these transactions (parts a through e) on Eastern's stockholders' equity? The overall net effect on stockholders' equity is a of S Choose from any list or enter any number in the ing net decrease c continue to the next question net increase