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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity < Required A Required B > Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B 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 A В > Issued 18,000 shares of common stock for $13 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity < Required A Required B > Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B 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 A В > Issued 18,000 shares of common stock for $13 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity < Required A Required B >
Transcribed Image Text:Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity < Required A Required B >
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B 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 A В > Issued 18,000 shares of common stock for $13 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1
Transcribed Image Text:Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 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 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 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. Complete this question by entering your answers in the tabs below. Required A Required B 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 A В > Issued 18,000 shares of common stock for $13 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1
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