Eastport Incorporated was organized on June 5, Year 1. It was authotized to issue 400.000...
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Eastport Incorporated was organized on June 5, Year 1. It was authotized to issue 400.000 shares of $8 par common stock and 40,000 shares of 4 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 incorporated: 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 9.000 shares of the class A preferred stock for $35 per share. 3. Issued 45,000 shares of common stock for $16 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
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