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Eastport Inc. Was organized on June 5 , Year 1. It was authorized to issue 320,000 shares of $11 par common stock and 60,000 shares
Eastport Inc. Was organized on June 5 , Year 1. It was authorized to issue 320,000 shares of $11 par common stock and 60,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.. 1. Issued 23,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $25 per share. 3. Issued 57,000 shares of common stock for $19 per share. Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions
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