Question
Eastport Inc. was organized on June 5th, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 65,000 shares of
Eastport Inc. was organized on June 5th, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 65,000 shares of 5 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 19,000 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 45,000 shares of common stock for $19 per share.
Prepare the Stockholders' equity section of the balance sheet immediately after these transactions have been recognized.
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