Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par common stock and 55,000 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 21,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 shares of common stock for $17 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

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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Author:James A. Heintz, Robert W. Parry
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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 Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par common stock and 55,000 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 21,000 shares of common stock for $14 per share.
2. Issued 11,000 shares of the class A preferred stock for $30 per share.
3. Issued 46,000 shares of common stock for $17 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
< Prey
13 of 15
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Transcribed Image Text:Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $9 par common stock and 55,000 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 21,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per share. 3. Issued 46,000 shares of common stock for $17 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 < Prey 13 of 15 Next >
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