Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 420,000 shares of $9 par common stock and 55,000 shares 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.:

Issued 18,000 shares of common stock for $14 per share.

Issued 10,000 shares of the class A preferred stock for $30 per share.

Issued 44,000 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.

(Here is the list of answer choices for the first column below)
Total Paid-In Capital
Total stockholders’ equity
Appropriated retained earnings
Cash
Common stock
Dividends payable
Land
Operating expenses
Paid-in capital in excess of cost
Paid-in capital in excess of par, CS
Paid-in capital in excess of SV, CS
Paid-in capital in excess of SV, PS
Preferred stock
Retained earnings
Service revenue
Treasury stock

 

Transcribed Image Text:

EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity

Answer rating: 100% (QA)

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