Question: 13. Problem: Module 3 Textbook Problem 13 Learning Objectives: - 3-11 Differentiate between common and preferred stock - 3-12 Show how issuing different classes of

13.

Problem: Module 3 Textbook Problem 13 Learning Objectives: - 3-11 Differentiate between common and preferred stock - 3-12 Show how issuing different classes of stock affects financial statements Eastport inc was organized on June 5. Year 1. It was authorized to issue 470.000 shares of $9 par common stock and 65.000 share 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 20.000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per sbare. 3. Issued 41.000 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

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