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Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated...

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Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5. Year 1. It was authorized to issue 320,000 shares of $12 par common stock and 40,000 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 incorporated: a. Issued 16,000 shares of common stock for $17 per share. b. Issued 14,000 shares of the class A preferred stock for $30 per share. c. Issued 41,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transoctions

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