Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000...
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $8 par common stock and 60,000 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 19,000 shares of common stock for $13 per share.
- Issued 8,000 shares of the class A preferred stock for $30 per share.
- Issued 43,000 shares of common stock for $16 per share.
| 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 | |
| 0 | |
| Total Paid-In Capital | $0 |
| Retained earnings | 0 |
| Total stockholders equity | $0 |
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