Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 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 Incorporated:

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

a. Prepare general journal entries for these transactions.

Options to choose from:

No journal entry required

Appropriated retained earnings

Cash

Common stock

Dividends

Dividends payable

Land

Operating expenses

Paid-in capital in excess of cost of treasury stock

Paid-in capital in excess of par value-common stock

Paid-in capital in excess of stated value-common stock

Paid-in capital in excess of stated value-preferred stock

Preferred stock

Retained earnings

Service revenue

Treasury stock

b. Prepare the stockholders equity section of the balance sheet immediately after these transactions.

Options to choose from:

Appropriated retained earnings

Cash

Common stock

Dividends

Dividends payable

Land

Operating expenses

Paid-in capital in excess of cost of treasury stock

Paid-in capital in excess of par value-common stock

Paid-in capital in excess of stated value-common stock

Paid-in capital in excess of stated value-preferred stock

Preferred stock

Retained earnings

Service revenue

Treasury stock

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.) Journal entry worksheet Issued 15,000 shares of common stock for $12 per share. Record the transaction. Note: Enter debits before credits. Prepare the stockholders' equity section of the balance sheet immediately after these transactions