Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $12 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per share. Issued 60,000 shares of common stock for $15 per share.

Required

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.)

View transaction list Journal entry worksheet 2 3 1 Issued 15,000 shares of common stock for $12 per share. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >