Eastport Inc. was organized on June 5, 2018. It was authorized to issue 380,000 shares of $11 par common stock and 25,000 shares of 5 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 15,000 shares of common stock for $12 per share.
2. Issued 5,000 shares of the class A preferred stock for $51 per share.
3. 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.

Dr cash    $180,000

Cr common stock                                                               $165,000

Cr paid-in capital in excess of par value-common stock $15,000

Dr cash     $255,000

Cr preferred stock                                                         $125,000

Cr paid-in capital in excess of par -preferred stock    $130,000

Dr cash      $900,000

Cr common stock                                                                  $660,000

Cr paid-in capital in excess of par value-common stock    $240,000

Stockholders' equity

Common stock $11 par,380,000 authorized,75,000 issued ($165,000+$660,000)                                                                  $825,000

Preferred stock $25 par,25,000 authorized,5,000 issued       $125,000

Total par value                                                                               $950,000

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

($15,000+$240,000)                                                                    $255,000

paid-in capital in excess of par -preferred stock                       $130,000

Total stockholders' equity                                                            $ 1,210,000  

Explanation:

The issue of 15,000 shares of common stock for $12 each means that cash proceeds of $180,000  (15,000*$12) which is debited to cash and common stock is credited with $165,000   (15,000*$11) while the remaining $15,000 is credited to paid-in capital in excess of par value-common stock

The issue of 5,000 shares of preferred stock for $51 each means that cash proceeds of $ 255,000    (5,000*$51) which is debited to cash and preferred stock is credited with $125,000   (5,000*$25) while the remaining $130,000 is credited to paid-in capital in excess of par value-preferred stock

The issue of 60,000 shares of common stock for $15 each means that cash proceeds of $900,000  (60,000*$15) which is debited to cash and common stock is credited with $660,000  (60,000*$11) while the remaining $ 240,000   is credited to paid-in capital in excess of par value-common stock

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