Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was...

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Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $8 par common stock and 50,000 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 24,000 shares of common stock for $13 per share. b. Issued 15,000 shares of the class A preferred stock for $35 per share. c. Issued 51,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Stockholders' Equity Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital $ Total stockholders' equity $ 0 Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $8 par common stock and 50,000 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 24,000 shares of common stock for $13 per share. b. Issued 15,000 shares of the class A preferred stock for $35 per share. c. Issued 51,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Stockholders' Equity Balance Sheet (partial) For the Year Ended Year 1 Total Paid-In Capital $ Total stockholders' equity $ 0