{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T14:02:08-04:00", "answer_date": "2024-05-26 14:02:08", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1742599", "url": "\/study-help\/questions\/exercise-87a-algo-recording-and-reporting-common-and-preferred-stock-1742599", "question_creation_date_js": "2024-05-26T14:02:08-04:00", "question_creation_date": "May 26, 2024 02:02 PM", "meta_title": "[Solved] Exercise 8-7A (Algo) Recording and report | SolutionInn", "meta_description": "Answer of - Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4 Eastport Inc. was org | SolutionInn", "meta_keywords": "exercise,8-7a,algo,recording,reporting,common,preferred,stock,transactions,lo,8-3,8-4", "question_title_h1": " 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", "question_title": " Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions", "question_title_for_js_snippet": "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 360,000 shares of $9 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock The class A stock had a stated value of $30 per share The following stock transactions pertain to Eastport Inc 1 Issued 15,000 shares of common stock for $14 per share 2 Issued 14,000 shares of the class A preferred stock for $35 per share 3 Issued 46,000 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 EASTPORT INC Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid In Capital Total stockholders' equity", "question_description": "\"image", "transcribed_text": "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 360,000 shares of $9 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 15,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $35 per share. 3. Issued 46,000 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. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity", "related_book": { "title": "Fundamental Managerial Accounting Concepts", "isbn": "71220720, 78110890, 9780071220729, 978-0078110894", "edition": "6th Edition", "authors": "Edmonds, Tsay, olds", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/67.jpg", "uri": "\/textbooks\/fundamentals-managerial-accounting-concepts-6th-edition-67", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BVZ7SJXK", "uri": "\/textbooks\/edossa-basketball-newest-ball-official-size-7-pu-leather-outdoor-indoor-b0bvz7sjxk-114631", "name": "Edossa Basketball Newest Ball Official Size 7 Pu Leather Outdoor Indoor", "edition": "" }, "question_posted": "2024-05-26 14:02:08", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/if-you-invested-320-million-into-a-project-today-and-504702", "description": "If you invested $320 million into a project today, and achieved operating cash flows of $180million, $60 million, $50 million, $50 million, and $40 million, how would you measure the following: a....", "stars": 3 }, { "url": "\/you-have-secured-a-loan-from-your-bank-for-two", "description": "You have secured a loan from your bank for two years to build your home. 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