Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 60,000 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: 1. Issued 19,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 58,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital Total stockholders' equity

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $11 par common stock and 60,000 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: 1. Issued 19,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 58,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital Total stockholders' equity

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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