Business
Business, 05.05.2020 08:01, emiller6462

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $9 par common stock and 65,000 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.: Issued 16,000 shares of common stock for $14 per share. Issued 15,000 shares of the class A preferred stock for $30 per share. Issued 52,000 shares of common stock for $17 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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Answers: 2

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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $9 par c...

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