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Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions...

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Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4 Eastport Inc was organized on June 5 Year 1 it was authorized to issue 480,000 shares of 8 par common stock and 25,000 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 19.000 shares of common stock for $13 per share 2 Issued 6.000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 shares of common stock for $16 per share. Required 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 Common stock Preferred stock Paid in capital in excess of pat, CS Paid in capital in excess of SV PS $ D Total Paid In Capital Rated curings Total stockholders outly $ 0

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