Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated...
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Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5 , Year 1. It was authorized to issue 380,000 shares of $8 par common stock and 70,000 shares of 4 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 Incorporated: 1. Issued 21,000 shares of common stock for $13 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 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. Answer is complete but not entirely correct. is question by entering your answers in the tabs below. 3l journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal ' in the first account field.) Prepare the stockholders' equity section of the balance sheet immediately after these transactions
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