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  3. eastport inc. was organized on june 5, year 1. it

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 490,000...

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Accounting

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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $11 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 20,000 shares of common stock for $16 per share. 2. Issued 10,000 shares of the class A preferred stock for $25 per share. 3. Issued 53,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Preferred stock Common stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par, CS Retained earnings Total Paid-In Capital $ 0 Total stockholders' equity $ 0

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