Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000...
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Accounting
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $8 par common stock and 60,000 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.:
Issued 19,000 shares of common stock for $13 per share.
Issued 8,000 shares of the class A preferred stock for $30 per share.
Issued 43,000 shares of common stock for $16 per share.
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
0
Total Paid-In Capital
$0
Retained earnings
0
Total stockholders equity
$0
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