Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 par common stock and 70,000 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 Incorporated: a. Issued 21.000 shares of common stock for $16 per share. b. Issued 12.000 shares of the class A preferred stock for $30 per share. e. Issued 55,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders Equity Tote Pad in Capital

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 par common stock and 70,000 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 Incorporated: a. Issued 21.000 shares of common stock for $16 per share. b. Issued 12.000 shares of the class A preferred stock for $30 per share. e. Issued 55,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders Equity Tote Pad in Capital

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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