$4$

Exercise $11-9$A $($Algo$)$ Recording and reporting common and preferred stock transactions LO $11-4$

$4\mathrm{.}28$ points

Eastport Incorporated was organized on June $5,$ Year $1.$ It was authorized to issue $420,000$ shares of $$11$ par common stock and $45,000$ shares of $4$ percent cumulative class A preferred stock. The class A stock had a stated value of $$25$ per share. The following stock transactions pertain to Eastport Incorporated:

Issued $16,000$ shares of common stock for $$16$ per share.

Issued $12,000$ shares of the class A preferred stock for $$30$ per share.

Issued $52,000$ shares of common stock for $$19$ per share.

Required

a$.$ Prepare general journal entries for these transactions.

b$.$ Prepare the stockholders' equity section of the balance sheet immediately after these transactions.

Complete this question by entering your answers in the tabs below.

Required $A$

Prepare general journal entries for these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

View transaction list

View journal entry worksheet

$\backslash$table$[[$No$,$Event,General Journal,Debit,Credit$],[,$A$,1,$Cash,$256,000],[,,$Common stock,,$176,000],[,,$Paid$-$in capital in excess of par value$-$common stock,$80,000,],[,,,,]]$

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