Eastport Inc- was organized on June 5- Year 1- It was authorized to is (1).pdf

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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 310,000 shares of $12 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.: 1. Issued 20,000 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 42,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized..

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