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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 370,000...

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Accounting

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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $11 par common stock and 70,000 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 18,000 shares of common stock for $16 per share. 2. Issued 6,000 shares of the class A preferred stock for $30 per share 3. Issued 59,000 shares of common stock for $19 per share. Required 2. Prepare general journal entries for these transactions. If no entry is required for a transactionlevent, select "No journal entry required in the first account field.) View transaction lit View journal entry worksheet Credit Debit 288,000 288.000 Issued 16,000 shares of common stock for $16 per share. 2 Issued 6,000 shares of the class A preferred stock for $30 per share. Issued 50,000 shares of common stock for $10 per share

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