Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000...
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $11 par common stock and 30,000 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.: Issued 15,000 shares of common stock for $16 per share. Issued 13,000 shares of the class A preferred stock for $35 per share. Issued 49,000 shares of common stock for $19 per share. Required Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized.
Eastport Inc. was organized on June 5 , Year 1 . It was authorized to issue 370,000 shares of $11 par common stock and 30,000 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 $16 per share. 2. Issued 13,000 shares of the class A preferred stock for $35 per share. 3. Issued 49,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized
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