Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was...
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Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $12 par common stock and 25,000 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 Inc.: 1. Issued 16,000 shares of common stock for $17 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 52,000 shares of common stock for $20 per share. Required a. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Issued 16,000 shares of common stock for $17 per share. View transaction list Journal entry worksheet Issued 16,000 shares of common stock for $17 per share. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity 0
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