Business, 07.04.2020 17:28 nataoli3375

Eastport Inc. 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 Inc.:

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.

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

Stockholders' equity
Total stockholders' equity

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

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