Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $9 par common stock and 70,000 shares of 5 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: a. Issued 18,000 shares of common stock for $14 per share. b. Issued 6,000 shares of the class A preferred stock for $35 per share. c. Issued 57,000 shares of common stock for $17 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 Total Paid-In Capital $ 0 Total stockholders' equity $ 0
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $9 par common stock and 70,000 shares of 5 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: a. Issued 18,000 shares of common stock for $14 per share. b. Issued 6,000 shares of the class A preferred stock for $35 per share. c. Issued 57,000 shares of common stock for $17 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 Total Paid-In Capital $ 0 Total stockholders' equity $ 0
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 8PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...
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