Question: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 65,000 shares of

Eastport Incorporated was organized on June 5, Year 1. It was

authorized to issue 400,000 shares of $12 par common stock and 65,000

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par common stock and 65,000 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: 1. Issued 16,000 shares of common stock for $17 per share. 2. Issued 13,000 shares of the class A preferred stock for $30 per share. 3. Issued 53,000 shares of common stock for $20 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 Required B 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 Journal entry worksheet Issued 16,000 shares of common stock for $17 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 b. Prepare ily sector dnsdClIONS. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity

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