xercise 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 440,000 shares of $9 par common stock and 65,000 shares of 4 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 $14 per share.
2. Issued 8,000 shares of the class A preferred stock for $30 per share.
3. Issued 42,000 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.) View transaction list > 1 Issued 19,000 shares of common stock for $14 per share. 2 Issued 8,000 shares of the class A preferred stock for $30 per share. 3 Issued 42,000 shares of common stock for $17 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general journal b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity