Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. eastport inc. was organized on june 5, year 1. it

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000...

80.2K

Verified Solution

Question

Accounting

image
image
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $8 par common stock and 65,000 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 16,000 shares of common stock for $13 per share. 2. Issued 5,000 shares of the class A preferred stock for $30 per share. 3. Issued 51,000 shares of common stock for $16 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 Preferred stock Common stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par, CS Retained earnings Total Paid-In Capital $ 0 Total stockholders' equity $ 0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3 e) Of course the number of years smoked and longevity do not follow a normal...

Basic Math
Q

Q1Using the novel corona virus as a measure of adopting change, discuss how telecommunication companies would...

Operations Management
Q

Standing wave vibrations are set up in a crystal goblet with four nodes and four...

Physics
Q

3 Which of the following is a reasonable domain for how many people can safely...

Algebra
Q

Find the values of the variable that would make the statement true using the square...

Algebra
Q

Jorge and Anita, married taxpayers, earn $151,000 in taxable income and $41,000 in interest from...

Accounting
Q

No1 Coffee (Pty) Limited purchased 5% investment in equity of Tasteplus Limited for $100,000 on...

Accounting
Q

and debit card issuers are as follows: Credit cards: $0.50 per transaction +3% of the...

Accounting
Q

Andale's System Implementation: In order to properly account for leases identified during its ASC 842...

Accounting
Q

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data...

Accounting
Q

A pension fund manager is considering three mutual funds. The first is a stock fund,...

Finance
Q

A company purchases a 6,600-square-foot building for $330,000. The building has two separate rental units....

Accounting