Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $9 par common stock and 75,000 shares of 4 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 16,000 shares of common stock for $14 per share.
2. Issued 7,000 shares of the class A preferred stock for $25 per share.
3. Issued 44,000 shares of common stock for $17 per share.

Required a. 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.)

Issued 16,000 shares of common stock for $14 per share.

Event	General	Debit	Credit
1

issued 7,000 share of the class a preferred stock for $25 per share.

Event	General	Debit	Credit

Issued 44,000 shares of common stock for $17 per share

Event	General	Debit	Credit
3

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

Stockholders equity	amount
total stockholders equity