Passport Inc. was organized on June 5, Year 1. It was authorized to issue 330,000...
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Passport Inc. was organized on June 5, Year 1. It was authorized to issue 330,000 shares of $11 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 Inc.: Issued 22,000 shares of common stock for $16 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 55,000 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
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