Question
Eastport Inc. was organized on June 5, 2016. It was authorized to issue 470,000 shares of $11 par common stock and 70,000 shares of 4
Eastport Inc. was organized on June 5, 2016. It was authorized to issue 470,000 shares of $11 par common stock and 70,000 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.: | ||||
1. | Issued 17,000 shares of common stock for $16 per share. |
2. | Issued 12,000 shares of the class A preferred stock for $30 per share. |
3. | Issued 59,000 shares of common stock for $19 per share. |
Required |
a. | 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.) | |||
b. | Prepare the stockholders equity section of the balance sheet immediately after these transactions. |
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