Question
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 480,000 shares of $9 par common stock and 50,000 shares of
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 480,000 shares of $9 par common stock and 50,000 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.:
- Issued 24,000 shares of common stock for $14 per share.
- Issued 15,000 shares of the class A preferred stock for $25 per share.
- Issued 48,000 shares of common stock for $17 per share.
Required
Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized.
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Item 1
Item 1 2.22 points
Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 480,000 shares of $9 par common stock and 50,000 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.:
- Issued 24,000 shares of common stock for $14 per share.
- Issued 15,000 shares of the class A preferred stock for $25 per share.
- Issued 48,000 shares of common stock for $17 per share.
Required
Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized.
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