Eastport Inc. was organized on June 5, 2016. It was authorized to issue 470,000

Question

Eastport Inc. was organized on June 5, 2016. It was authorized to issue 470,000 shares of $11 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 Inc. 1. Issued 16,000 shares of common stock for $16 per share. 2. Issued 13,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000 shares of common stock for $19 per share. 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 Journal entry worksheet 2 Issued 16,000 shares of common stock for $16 per share. Note: Enter debits DebitCredit Event General Journal

Explanation / Answer

a DR CR 1 Cash 256000 Common Stock, $11 par 176000 Paid-In Capital in Excess of Par 80000 2 Cash 390000 Preferred Stock, 25 stated value 325000 Paid-In Capital in Excess of SV,PS 65000 3 Cash 1083000 Common Stock, $11par 627000 Paid-In Capital in Excess of 456000 b Stockholders’ Equity: Preferred Stock, $25 stated value, 4% cumulative class A, 64,000 shares authorized,13000 shares issued and outstanding 325000 Common Stock, $11 par value, 470,000 shares authorized, 73,000 shares issued and outstanding 803000 Paid-In Capital in Excess of SV, Preferred Stock 65000 Paid-In Capital in Excess of Par, Common Stock 536000 Retained Earnings 0 Total Stockholders’ Equity 1729000

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